Tax reforms panel set up

In a bid to bring clarity in tax laws, a stable tax regime, a just tax administration and a fair mechanism for dispute resolution, and an independent judiciary, finance minister P Chidamabaram has proposed the setting up of a Tax Administration Reform Commission.

In a bid to bring clarity in tax laws, a stable tax regime, a just tax administration and a fair mechanism for dispute resolution, and an independent judiciary, finance minister P Chidamabaram has proposed the setting up of a Tax Administration Reform Commission.

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"An emerging economy must have a system that reflects best global practices and this commission will review the application of tax policies and tax laws, and submit periodic reports that can be implemented to strengthen the capacity of our tax system," the minister said.

The government has decided to set up the commission in order minimise tax disputes cases, which has been a major challenge.