The new Indian Direct Taxes Code (DTC) Bill proposed
to be introduced from financial year 2012 has created ripples within the
professional and business community.
From comprehensive general anti-avoidance rules (GAAR), a new controlled
foreign corporation framework, shift in the concept of corporate residence and
other radical policy changes, the new Code is poised to fundamentally impact
the way the world invests in and does business with India.
The proposed code is currently being scrutinized by
the Indian Parliament. Taking the
opportunity to provide comments and recommendations on the new Code, the DTC
Global Think Tank convened by Nishith Desai Associates analyses some of its key
international dimensions. The members of
the DTC Global Think Tank have significant expertise and experience in
international tax policy and include renowned academicians, jurists, public
policy experts and industry leaders from developed and developing countries.
The Report of the DTC Global Think Tank provides
interesting insights and an objective assessment of legal, constitutional and
international law implications of specific DTC proposals that impact the global
business community. It also provides a constructive
critique of the manner in which India has embraced this mammoth task of
overhauling its tax law and provides recommendations based on international
best practices. The members of the Think
Tank argue in favour of a robust, fair, stable, sustainable and trust based tax
regime that would enhance India’s participation in international trade and
investment flows and facilitate its emergence as a responsible economic power.
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