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Federal Government, Cairn Energy Reach Consensus To Settle Tax Dispute

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Government of India and Cairn Energy have actually reached a consensus to end the tax disputeCairn Energy has entered into certain endeavors with Federal government of India, which would permit the refund of taxes under a long-running billion dollar disagreement, sending out the British business's shares almost 3 percent higher on Wednesday.The news comes after the oil and gas producer stated in September it was considering endeavors with the Indian federal government after modifications were made to a retrospective tax law at the heart of the row.London-listed Cairn said it would start filing the essential documents and work with New Delhi to accelerate the refund of roughly 79 billion rupees ($1.06 billion).

Cairn will commence the filing of the needed paperwork.

intimating the withdrawal, termination and/or discontinuance of numerous enforcement actions, the business said in a statement.Cairn included it anticipates to pay by early 2022 the special dividend announced in September.The dividend and a share buyback were contingent on the settlement of the dispute.

In August, India proposed ditching the 2012 retrospective tax law and said it would refund companies including Cairn and Vodafone.




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