Parthasarathi Shome appointed as chairman of TARC
The government has set up a 7-member Tax Administration Reform Commission (TARC) which will be headed by Parthasarathi Shome.
What will be major tasks before Tax Administration Reform Commission (TARC) ?
The TARC will revisit tax laws and suggest measures for putting in place a stable and non-adversarial tax administration. Some other key taskswill be:
- Review the current mechanism of dispute resolution covering time and compliance cost and recommend steps for strengthening them for both domestic and international taxation.
- Reviewing the existing mechanism and recommend measures for deepening and widening the base of tax and taxpayers.
- Suggest a system to enforce better tax compliance — by size, segment and nature of taxes and taxpayers, that should cover methods to encourage voluntary tax compliance.
- Suggest measures for strengthening the database and inter-agency information sharing, not just between the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) but also with the banking and financial sector and other agencies such as Central Economic Intelligence Bureau (CEIB), Financial Intelligence Unit (FIU) and Enforcement Directorate to ensure improved tax compliance through sharing of such information.
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Month: Current Affairs - August, 2013