OECD chief Angela Gurria on Thursday said the international body's plan to help solve digital tax problems has got support of 137 countries and new rules must be put in place to stop evasion worth hundreds of billions of dollars. Speaking here at a session during WEF 2020, he said the new plan is not about specific digital companies, but is an issue for finance ministers finding their income going down. "We need to establish new rules to avoid hundreds of billions of dollars not being paid in tax," he said. Some countries including France have postponed their own laws to give a multilateral solution a chance. Gurria said he is confident that the OECD's deal will be agreed, despite doubts expressed by some countries, including the US. "Are we on track? Yes," he said. "We have been working on this digital tax plan for 2-3 years. In the second half of 2020 we will go for implementation." "We believe it is possible to deliver this deal and gain the consensus we need. "The … [Read more...] about 137 countries on board for OECD digital tax plan: Angela Gurria
Gop tax plan details
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India Inc is banking on the budget to see a reduction in personal income tax to revive the sagging consumption demand after getting the biggest tax break by way of a steep reduction in corporate tax rates, says a pre-budget survey. Finance Minister Nirmala Sitharaman will increase the income tax exemption limit from Rs 2.5 lakh per annum currently, majority of respondents surveyed by tax consultancy firm KPMG opined. The majority of respondents also feel that the government in the forthcoming Budget to be unveiled on February 1 will increase the standard deduction and give more incentives for housing loans. The government had slashed corporate tax rates to 25 per cent for old companies and to 15 per cent for new companies provided they are ready to forego all the existing exemptions. Though the move was hailed by many as a booster dose to revive growth it has belied the expectation as growth has since then fallen to more than six-year low of 4.5 per cent in the September quarter … [Read more...] about India Inc expecting budget to lower personal income tax rates
This Budget has to herald the clear road map towards $5 trillion & 3rd largest economy in the world or else we are out of time. The Budget in India always needs to have a strong balance of populist and development of rural India but this time it needs to focus on the other half that can propel India. It is going to be about taking very hard calls. Three initiatives (amongst many others) in the Budget that can really move the needle are: First, a clear plan for the Government to be out of the business of things, privatisation of most sectors has to get to 10x of present plan. This would lead to massive monetisation for the exchequer but also bring about massive efficiency into large sectors. The Government needs to think big and therefore look to privatise and exit profit-making businesses too and not just the loss-making ones. A one-time movement on this can change the pace and scale of the economy and hurtle us towards $5 trillion goal. Secondly, one sector that would move the … [Read more...] about Women Inc’s Budget wishlist: Tax relief for new businesses, facilitating startup economy
According to the minutes, the NCRTC was appraised that the RRTS alignment is partly underground and partly elevated between Kherki Daula and Manesar RRTS stations. “As per the detailed project report (DPR) the transition portion from underground to elevated ramp has been planned at Kherki Daula toll plaza area of NHAI with the understanding that the Kherki Daula toll plaza will be shifted to Panchgaon (sic),” read the minutes. … [Read more...] about RRTS plan to not hamper toll plaza at Panchgaon