ISDS Case Map
finance | banking | taxes
Three months after Britain exited the EU, London on Friday reached a cooperation agreement on financial services with Brussels but despite this first step rivalries between the two sides remain.
India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for ₹10,247 crore in back taxes from Cairn Energy Plc -- the second time in three months that it has refused to accept an international award against retrospective tax.
India has time till mid-April to file an appeal against an international arbitration tribunal ordering it to repay UK's Cairn Energy Plc USD 1.2 billion-plus interest and cost, but the challenge can only be on limited grounds such as procedure not being followed.
India will be filing an appeal at The Hague this week against the $1.4-billion arbitration award against British oil firm Cairn Energy.
Cairn said its shareholders expect the use of the company's 'strong powers of enforcement' to recover 1.4 billion.
Most international investment agreements do not exclude taxation from their scope, which means that a wide range of tax-related measures are covered by them.
Canadian mining company First Majestic Silver Corp submitted a request for arbitration based on NAFTA, due to the tax debt and its differences with the Mexican government.
The move signals the government's resolve to defend its sovereign rights in taxation. The government has kept open possibility of settling the dispute within existing Indian laws.
Cairn Energy has filed a case in a US district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues.
The RCEP will undoubtedly pave the way for China's new digital yuan expansion throughout Asia.
