ERA OF TRANS­PARENCY

Assocham Bulletin - - TAXES -

In­dia be­ing one of the fastest grow­ing economies in the world, need to be fa­mil­iar with the nu­ances of var­i­ous in­ter­na­tional laws.

There­fore to present a wider per­spec­tive of con tern po­rary in terna tional tax­a­tion typ­i­cal is­sues and pro­ce­dures and of­fer in­sight into is­sues that im­pinge the growth of in­ter­na­tional trade and commerce, ASSOCHAM or­ga­nized its 14th In­ter­na­tional Tax Con­fer­ence on Au­gust 23, 2017. While in­au­gu­rat­ing the con­fer­ence, Mr. Sushil Chan­dra, Chair­man, CBDT, Min­istry of Fi­nance, said that the main aim of the gov­ern­ment was to bring about trans­parency and cer­tainty in tax laws, to ad­dress ef­fects of the cur­rent tax regimes on lev­els of for­eign in­vest­ment, to in­te­grate do­mes­tic tax re­forms with ex­ist­ing in­ter­na­tional tax treaties and ar­range­ments, and oth­ers.

He in­formed that about 65 coun­tries, in­clud­ing In­dia, signed the mul­ti­lat­eral in­stru­ment to im­ple­ment tax treaty re­lated mea­sures to pre­vent BaseEro­sion and Profit Shift­ing (BEPS).The de­part­ment is ab­so­lutely mov­ing into the fa­cil­i­ta­tion­mode so that gen­uine tax payer should not suf­fer at all and act as a fa­cil­i­ta­tor.

He fur­ther said the poli­cies

of in­come tax de­part­ment have been very trans­par­ent and are be­ing de­cided af­ter con­sid­er­ing the con­cerns of stake­hold­ers. Tax trans­parency and tax cer­tainty are the guid­ing prin­ci­ples of tax­a­tion. In­dia is set to get more tax in­for­ma­tion from dif­fer­ent coun­tries through the Com­mon Re­port­ing Stan­dards (CRS)plat­form from Septem­ber on­wards.

Mr. Chan­dra also urged firms and MNCs op­er­at­ing in In­dia to pay their due share of taxes and said ad­e­quate safe­guards have been put in place to en­sure that anti-abuse pro­vi­sions like Gen­eral Anti Avoid­ance Rules (GAAR) are not mis­used. the last few years, lot of changes have been made in in­ter­na­tional tax­a­tion and coun­tries have to be ready for ca­pac­ity build­ing on all fronts.

While ad­dress­ing the con­fer­ence,Mr. AkhileshRan­jan, Prin­ci­pal Chief Com­mis­sioner of In­come Tax (In­ter­na­tional Tax­a­tion), Min­istry of Fi­nance said that coun­tries are mak­ing tax laws ef­fec­tive and ef­fi­cient by hav­ing a relook a t their tax poli­cies and leg­is­la­tion, on the one hand, and put­ting mech­a­nism for in­creased co-op­er­a­tion and ex­change of in­for­ma­tion among them­selves, on the other. A new par­a­digm is emerg­ing in in­ter­na­tional tax­a­tions. We need to have ma­tured un­der­stand­ing about these emerg­ing trends.

Mr. Sushil Chan­dra, Chair­man, CBOTre­leas­ing the Con­fer­ence Back­ground Pa­per along with Mr. O. S. Rawat, Sec­re­tary Gen­eral, Mr. Ra­har (In­ter­na­tional Tax­a­tion), Min­istry of Fi­nance and Mr. Rakesh Nan­gia, Co-chair­man, ASSOCHAM Na­tional Coun­cil on In­ter­na­tional Taxes

cil on Di­rect Tax­eswel­com­ing Mr. Sushil Chan­dra, arg, Chair­man, Na­tional Coun­cil on Di­rect Taxes, ASSOCHAM, Mr. Akhilesh Ran­jan, Prin­ci­pal Chief Com­mis­sioner of In­come Tax

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