This is the front page news today in most of the business newspapers. For you understanding "retrospective tax" is important.

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I wrote why retrospective tax damages the reputation. Managers of licensed businesses getting arrested is worst. These are professionals not any 'business owner - making profit any how'. If govt cannot support in innovation (FinTech is a new sector), at least Govt shall not be so hungry for collecting tax?
But don't use such strong language in the Phase 2 exam. I am writing it so that it provokes your thinking.

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