Retrospective tax amendments should be reviewed: Veerappa Moily

NEW DELHI: Corporate Affairs Minister M Veerappa Moily has requested Prime Minister Manmohan Singh to relook at the retrospective tax amendments and also proposed mid-term review of few budgetary provisions to strengthen the investors' confidence.

He also pointed out that global rating agency Standard & Poor’s revised India’s sovereign credit ratings and also the outlook on the long-term rating to ‘negative’ from ‘stable’.

After it was recommended to amend the Income Tax Act in Union Budget with retrospective effect to tax Vodafone-type deals, global business and India Inc have been slamming the decision and also claimed that it would effect foreign investment.

The Lok Sabha has given green signal to the Finance Bill 2012, which aims to amend the Income Tax Act, 1961.