ERA OF TRANSPARENCY
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