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HindustanTimes Mon,21 Apr 2014

‘Govt committed to moderate tax rates’

PTI  New Delhi, January 18, 2013
First Published: 00:47 IST(18/1/2013) | Last Updated: 00:48 IST(18/1/2013)

Union finance minister P Chidambaram on Thursday said the government is committed to moderate tax rates and is working towards modernising administration to minimise transaction cost and maximise taxpayer convenience.

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Tax administration, he said, is faced with new challenges that include allocation of taxing rights and sharing of taxable income between countries from cross-border deals, besides increasing tax revenues and providing quality service to tax payers.

Chidambaram was addressing the heads of the Revenue Department of BRICS nations - Brazil, Russia, India, China and South Africa. India holds the chair of the grouping.

"India has been modernising its tax administration in a way that will minimise transaction costs and maximise taxpayer convenience, without compromising the deterrence factor," he said.

Chidambaram, who is scheduled to unveil the Union Budget for 2013-14 on February 28, said the government is committed to a stable tax regime, moderate tax rates, non-adversarial tax administration and a fair mechanism for dispute resolution.

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