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Govt to get more taxes as DoCoMo-Tata deal goes through

Govt to get more taxes as DoCoMo-Tata deal goes through
PTI
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First Published: Thu, Mar 26 2009. 07 57 PM IST
Updated: Thu, Mar 26 2009. 07 57 PM IST
New Delhi: Indicating that the $2.7 billion NTT DoCoMo-Tata Teleservices deal would result in gains for the exchequer during the current year, a revenue department official on Thursday said the share transactions would attract capital gains tax.
As Tata Teleservices is an unlisted company, the official said, gains arising from sale of shares, held for more than one year, would attract capital gains tax at 20%.
The monetary gains arising from sale of shares held for less than one year, the official added, would be taxed at the normal rates.
The 4.6 billion Daiichi Sankyo-Ranbaxy deal in August last year had fetched the exchequer Rs850 crore.
Japanese Telecom major NTT DoCoMo on Thursday completed the acquisition of 26% stake in Tata Teleservices for $2.7 billion, valuing the company at $10.38 billion (over Rs50,000 crore).
As part of acquisition, the Japanese major will place its three nominees on the board of the domestic telecom services company.
Tata Teleservices currently offers CDMA-based mobile services throughout the country and is about to launch its GSM-based services for which the company has been alloted spectrum under the dual technology clause.
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First Published: Thu, Mar 26 2009. 07 57 PM IST