High-level Committee to sort out taxation issues and make system predictable
IN an opinion piece in Financial Times, while seeking to contain the adverse fallout of revenue department's move to levy MAT on foreign investors, the FM Arun Jaitley mentioned that India plans to set up a high-level committee to sort out taxation issues of the past and make the system predictable.
That is what more he opinionated -
++ Even though it is only the legacy issues (concerning taxation) that haunt us, we recognise that we must put a quick end to them.
++ I am considering a high-level committee to explore what can be done to resolve the past and move beyond it in a way that would provide real predictability and certainty to investors. This committee will be instructed to report back expeditiously so that early actions can be taken. We have fashioned tax policies for the 21st century. Our tax administration cannot afford to lag behind. We will not let it.
++ The disputes that are now attracting attention are legacy cases, which are tax demands arising from actions that the tax authorities and the judiciary took before NDA government came to power.