Microsoft loses tax appeal in India

TAX AUTHORITIES in India have denied Microsoft's administrative appeal of about $175 million in royalty taxes on its revenues there in 1999 through 2004.
Microsoft dominates the software market in India. The company had argued that its revenues came from software sales and were therefore not subject to India's 15 per cent royalty tax. It cited a trade agreement between the US and India meant to avoid double taxation of sales revenues in the two countries.
The tax appeals commission in Delhi didn't buy the Vole's position, however. It pointed to Microsoft's End User Licence Agreement (EULA), which states "the product is licensed, not sold." It said that revenues from software licences are royalties, not sales.
Microsoft said it is reviewing the order and indicated that it hasn't decided yet whether or not to appeal the ruling to higher authorities.

Source: The Inquirer

Dr Reddy's acquires Italy's Jet Generici for undisclosed sum

MUMBAI (Thomson Financial) - Dr Reddy's Laboratories Ltd. said it has acquired Jet Generici Srl, a company which sells generic finished dosages in Italy, for an undisclosed amount, through its Italian subsidiary, Reddy Pharma Italia SpA.

In a regulatory filing, the Indian pharmaceutical company said the acquisition will help in establishing the company's generic business in Italy and also provide access to an essential product portfolio, a pipeline of registration applications and a sales and marketing organisation.

Dr Reddy's shares provisionally closed 2.75 percent lower at 619.15 rupees on the Bombay Stock Exchange, while the benchmark Sensex provisionally closed 0.55 percent higher at 15,836.60.

Source: Forbes