The Ministry of Finance is making all possible attempts to resolve tax related disputes through proper dispute mechanism framework agreement with global as well as domestic companies with a spirit of equity and fairness so that the growth being aimed at is scaled and additional employment opportunities created as intended by the government, according to the Revenue Secretary Mr. Shaktikanta Das.
Addressing a Two-day International Tax Conference on Global Tax Issues & Recent Developments organized by PHD Chamber of Commerce and Industry here today, Mr. Das informed that the government would shortly settle tax related disputes with close to 120 American companies as well as entities from Japan and other such countries.
He assured the corporate and the tax consultants that had assembled in the conference that the intention of the government is not to double tax the foreign entities without compromising on principles of domestic tax turf as each country across the world protects its tax turf. The government will put in place a just and fair tax regime to collect revenues required for growth and avoid tax regime that is painful. He further added that India is well involved in International Tax developments including Base Erosion and Profit Shifting and Exchange of Information.
On the issue of black money law, the Revenue Secretary was forthcoming and stated that it is the commitment of the government to pass the stringent laws to deal with the issue of black money and that no soft approach would be made applicable on this issue which is so hard therefore, industry can expect stringent laws on issues of black money.
The Secretary however, added that the industry can take advantage of compliance window to comply with the provisions of black money and escape harsh punishment by declaring their accounts. He assured that the government is open to issuing further circular to give clarifications and reduce hardships.
Mr. Das, however, also added that whatever information relating to black money is obtained by the government would be kept confidential and not shared or used for harassment. Speaking on the occasion, CBDT Chairperson Ms. Anita Kapur also reiterated the commitment of the government for fair and just tax regime so that India’s tax basket is widened and broadbased for growth and equity.
She called upon the corporate and industry not to be over sensitive on tax issues as it has never been the intention of tax collecting authorities to over tax the corporate as such issues catch the public attention faster than anticipated and also blown out of proportion.
Vice President, Income Tax Appellate Tribunal Mr. G C Gupta felt that much attention should be given for finding out ways to reduce the vast pending litigation relating to Transfer Pricing and International Tax matters.
The conference was presided over by the President of the PHD Chamber Mr. Alok B. Shriram in which the Senior Vice President of the Chamber Mr. Mahesh Gupta and its Direct Tax Committee Chairman Mr. Anil Chopra raised some important taxation points for the consideration of the authorities.
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