GMR Infrastructure today said all its business activities and investments in overseas entities are in compliance with applicable tax laws in respective countries. Referring to reports related to 'Paradise Papers' that the group has a "number of overseas subsidiaries in attempt of tax avoidance through offshore entities", the company said all foreign investments of GMR group were well within the permissible limits of FEMA, Income Tax Act, Companies Act, 2013, Sebi and RBI regulations. "Further, all its business activities and investments in overseas entities are in conformity with well-established norms and are in compliance with all applicable tax laws in respective countries," it said in a release. According to the release, the group is not involved in or made any attempts of tax avoidance in any country. "As the company is involved in developing and operating capital intensive infrastructure projects, which require multiple partners of global repute, setting up subsidiaries in various countries becomes a business necessity...," it added.

Source: Economic Times November 09, 2017 15:22 UTC