5 ideas for new FM to end "tax terrorism"

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Ruling party BJP's election manifesto promised a slew of radical changes to both tax policy and approach to tax disputes. BJP accused the UPA govt. of unleashing 'tax terrorism' and 'uncertainty', thereby creating anxiety amongst the business class and negatively impacting the investment climate. It also called for a 'non-adversarial', 'conducive' tax environment and a tax policy roadmap, that would include a simplified tax regime and an 'overhaul' of the dispute resolution mechanism.
So what are the immediate steps that the new Finance Minister Arun Jaitley needs to take, so as to put an end to 'tax terrorism' and bring back foreign investors? 


Comments


Mohan Parasaran
Senior Advocate & Former Solicitor General of India

Arun Jaitley will be an excellent Finance MInister. The country requires a person like Arun Jaitley. He knows all the problems faced by economy. We have been walking partners and i know the concern he has for national economy. I am sure he will revive the economy.  Some of the areas the Finance Minister will need to focus on priority, are:
- Strenghten India's trade relations with neighbours. 
- Strengthen India's relation with Mauritius. 
-  Bring back black money on priority by twisting hands of Swiss banks like USA.  
-  Do away with retro amendments. 
-  Bring DTC in force as quickly as possible, with less complicated provisions.
-  Try to create machinery to reduce tax litigations, both domestic & international.