'No more retrospective taxes in India'

London, November 13: Prime Minister rendra Modi has said that India will no longer resort to retrospective taxation, while acknowledging that such steps were adversely affecting the mood of existing and potential investors. “There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long pending concerns,” the prime minister told the Indo-UK Business Meeting late on Thursday. “We have clearly articulated that we will not resort to retrospective taxation and demonstrated this position in a number of ways. This includes not going for imposition of minimum alterte tax on foreign portfolio investors,” he said. “We want to make sure our tax regime is transparent and predictable. We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters,” he said at the at historic Guildhall, the city’s ceremonial administrative centre for several centuries. (IANS)