Monday, September 15, 2008

'Absence of clarity on tax treatment of overseas M&A transactions is a key issue'

Issues that tax companies

The new direct tax code that the Government is planning to introduce, to replace the current Income-tax Act, is expected to emphasise transparency and taxpayer-friendliness. Similarly, making suitable amendments in the indirect tax provisions would be a welcome step towards getting more clarity and achieving simplification and transparency.

While such moves encourage not only tax compliance but also convey the right messages to the tax paying community, there is a need, in the interregnum, to look at a few current issues that worry corporates, says Mr Uday Ved, Head of tax and regulatory services, KPMG India.

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