THE Union Finance Minister, Mr P. Chidambaram,
today said that a
path of financial consolidation will be unveiled shortly.
He further said that wherever required, the corrective measures will be taken
in bringing clarity in tax laws, to have a stable tax regime, a non-adversarial
tax administration and a fair mechanism for dispute resolution.
The
FM said that clarity in tax laws, a stable tax regime, a non-adversarial
tax administration, a fair mechanism for dispute resolution, and an independent
judiciary will provide great assurance to investors. He said thata the Govt
has recently appointed two Committees, one to examine GAAR legal provisions
and guidelines and the other to review taxation of the IT sector and Development
Centres. He said that he has also directed a review of tax provisions that
have a retrospective effect in order to find fair and reasonable solutions
to pending as well as likely disputes between the Tax Departments and the
Assessees concerned.
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