EY India (for Info only, not official)

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EY India

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    ...Today, the Indian economy is positioned to be one of the leading economies in the world with a high growth trajectory. While much has been done in the last 25 years to guide the progress of the economy, a lot needs to be done and achieved to sustain the momentum of growth.On matters of taxation, successive governments have made conscious efforts to render it more business-friendly and engage it as a tool and stimulus for economic growth. The indirect tax arena has seen progressive and incremental reforms but awaits productive and large scale transformation in the form of Goods and Services Tax (GST) that could support growth needs of the economy. ...

    NDTV on Feb. 8, 2016, midnight

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    ...The union finance budget 2016, therefore, will be keenly watched by all stakeholders.I expect the honourable Finance Minister to emphasise the growing importance of information and disclosure to aid the tax administration's efforts towards focused scrutiny and more informed risk assessment and decision-making. In this respect, the existing transfer pricing documentation law would be widened to include elements of the Organisation for Economic Cooperation and Development Base Erosion & Profit Shifting (OECD BEPS) project Action 13 recommendations.The three-layered documentation approach - comprising a master file, a local file and a country-by-country report (CbCR) - is likely to become a legal requirement effective for financial year 2016-17. ...

    NDTV on Feb. 5, 2016, midnight

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    ...Initiatives like 'Make-in-India' and 'Start-up India' aid this; but a key aspect, which will aid business growth and resurrect India's image in the business world, is the corporate tax reform. Given that employment generation, attracting FDI and encouraging investment is on top agenda world over, the Union Budget presents an opportunity to the government to meet these objectives inter-alia through policy changes/amendments in corporate tax law.Finance Minister Arun Jaitley had in the last Budget announced that corporate tax rates would be gradually slashed to 25 per cent. The Finance Minister should follow up on this promise by outlining a clear roadmap for reduction in tax rates.The government should rid India of the ghost of retroactive amendments, which christened the indirect transfer rule. The government has done a little, in bringing in clarificatory amendments to the rule (e.g. defining substantial value, exempting small shareholders etc. ...

    NDTV on Feb. 1, 2016, midnight