- Tuesday, April 23, 2024
By: Shubham Ghosh
CAIRN Energy has entered into some undertakings with India that would allow for the refund of taxes under a long-running billion-dollar dispute with the country, sending its shares nearly three per cent higher on Wednesday (3), Reuters reported.
The news comes after the British oil-and-gas producer said in September that it was considering undertakings with the Government of India after changes were made to a retrospective tax law at the heart of the dispute, the report added.
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“Cairn will commence the filing of the necessary documentation … intimating the withdrawal, termination and/or discontinuance of various enforcement actions,” a statement from the company said.
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The company also added that it expects to pay the special dividend announced in September by early 2022.
Earlier in August, India proposed scrapping the 2012 retrospective tax law and said it would refund companies, including Cairn and Vodafone, Reuters added.
