Niti Aayog suggests labour reforms for high productivity
The Dollar Business Bureau According to Niti Aayog, the government's think-tank that replaced the planning commission, labour reforms are needed to induce productivity and create jobs in the market. The report on labour importantly suggests unifying 44 labour laws into four central ones. The reforms mooted by a panel headed by Arun Jaitley, the Finance Minister, offers an overview of development activities as part of a three-year draft action-agenda. The logic behind the labour-reforms stems from challenges relating to industrial relations, establishing commensurate wages, social-security and safety for labourers as well as adopting a global labour code. Reforms in labour laws, or centralizing labour codes would also provide a fillip for investments in many sectors, besides reducing the burden of compliance. The draft-agenda ...
Would corporate taxation hit prospects of Make-in-India?
Sairaj Iyer While most post-budget declarations by analysts declared that the budget was simple without much ambiguity, the one on corporate taxation seemed to take up a lot of discussion space as many felt that it could adversely impact the prospects of Make-in-India. Just to recollect the Finance Minister's announcement in his Budget speech, when referring to corporate tax rates, announced that the government would over a period of three years, phase out various tax exemptions for the corporate sector and at the same time reduce the corporate tax from 30% to 25%. While the tax rate for 2015-16 has been left unchanged the details of the phased reduction are yet to be made public. Most corporate events in Mumbai have been treating it ...
Govt yet to come to a decision on bank transactions tax: Shaktikanta Das
The Dollar Business Bureau The government has yet to come to a decision with regards to tax on banking transactions, but it has got various recommendations from the Committee of Chief Ministers, constituted by the NITI Aayog, said Economic Affairs Secretary, Shaktikanta Das on Thursday. “The government is carefully examining the report, no decision has been taken so far, as and when a decision is taken, naturally government will give it out,” said Das, while speaking at the ASSOCHAM’s 96th Annual Function in New Delhi. Mentioning the strong fiscal foundation of India, he said that the fiscal deficit of the country has gradually been cut down,and that it is essential to find the perfect balance between the public expenditure requirements and fiscal consolidation by focussing those ...
Trump wants to slash regulations tax by 75% or 'maybe more'
The Dollar Business Bureau US President Donald Trump told business leaders on Monday he would impose a heavy tariff on companies that move operations outside the US and slash regulation tax by as much as 75%. Praising the executives as “great people”, Trump said, "What we're doing is we are going to be cutting taxes massively for both the middle class and for companies, and that's massively. We think we can cut regulations by 75%, maybe more, but by 75%. "A bigger thing, and that surprised me, is the fact that we're going to be cutting regulation massively," he added. The President met CEOs at the White House, where he continued his promises of providing better economic opportunities for them as well as the ...
Direct, indirect tax collected rises during April-Dec 2016
The Dollar Business Bureau The Direct tax and Indirect tax collection figures for the period between April 2016 to December 2016 have shown a positive trend as the former grew by 12.01% while the latter showed an increase of 25% over the corresponding period last year i.e. April-December 2015. As per figures for Direct Tax collections up to December 2016, the net collections stood at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding of the previous year. This collection is 65.3% of the total budget estimates of direct taxes for financial year 2016-17. Speaking about the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under ...
EU orders Ireland to recover 13-bn euros tax from Apple
The Dollar Business Bureau The European Union (EU) has ordered Ireland to recover the illegal aid of 13 billion euros from US tech firm Apple. Ireland has allowed Apple to pay significantly less taxes when compared to other businesses. This is illegal under EU state aid rules, the European Commission said in a statement on Tuesday. According to European Commissioner Margrethe Vestager, the EU member states cannot give tax benefits to few chosen companies. The commission has concluded that Ireland granted illegal tax benefits for many years. This selective treatment has allowed Apple to pay corporate tax rate at 0.005% of its profits in 2014 while it was 1% in 2003. After an in-depth investigation, the commission has come to a conclusion that Ireland has ...
CCI clears DBS-RBS' deal on corporate loan business
The Dollar Business Bureau Competition Commission of India (CCI), the fair trade regulatory body, has given its nod to the proposal of the Development Bank of Singapore (DBS) to buy corporate loans business division from Royal Bank of Scotland (RBS) in the Indian market. DBS India would purchase specific corporate loans of RBS NV India's branches. In March 2016, a framework agreement on portfolio sale was agreed upon between the two entities. The fair trade regulator, while signing the deal, mentioned that this agreement is not likely to harm competition in India. "On the basis of proposal submitted by both the parties, it was found out that they face considerable competitive constraints from a lot of large players, in public as well as private sector, ...
Technology to ease tax processes, reduce compliance responsibilities: Thomson Reuters
Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...
