FM defends backdating law on overseas M&As

Retrospective lawmaking is neither new to India nor contradicts global norms, finance minister Pranab Mukherjee said. And while BJP leader, former finance minister and chairman of the Parliamentary Standing Committee on Finance Yashwant Sinha agreed, both leaders have the support of independent analysts. “India is not a no-tax country,” Mukherjee said, two days after presenting his seventh Budget. “It is not a low-tax country. If someone says I will not pay tax, that will not be allowed.”

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