Saturday , August 8, 2020 |   19:30:19 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
TP - Appeal can be dismissed as withdrawn by appellant itself and Revenue can have no objection to dismissal of assessee’s appeal: ITAT (See 'Breaking News') TP - Routine expenses incurred by taxpayer entity for its overseas AE de hors any 'arrangement' for incurring of AMP expenses for brand building of AE, does not call for ALP adjustment: ITAT (See 'Breaking News') TP - Data to be used for comparability analysis should be of same financial year in which international transactions were entered into by tested party: ITAT (See 'Breaking News') GST - Compensation Cess turning into poisoned chalice for States! (See 'The Cob(Web)' Column) TP - Arm's length rate of interest in case of loans advanced to AE's is to be determined on basis of rate of interest charged in countries where loan is received: ITAT I-T - Transaction which does not involve any transfer of intellectual property, does not attract tax on royalty: ITAT (See 'Breaking News') I-T- Matter warrants remand for determining as to whether the adjustment for delayed receivables from associated enterprises get subsumed in working capital adjustment: ITAT (See 'Breaking News') I-T- If transaction of the royalty expenses between the assessee and its Associated Enterprises, is international transaction then its arm's-length price can be determined only under the transfer pricing provisions and not under the provision of the section 40A(2)(b) - YES: ITAT (See 'Breaking News') I-T - Income received by non-resident assessee on account of transponder charges from customers in India is taxable as royalty: ITAT (See 'Breaking News') TP - 'Proviso' of Sec. 92C(4) would though be applicable in case where ALP was determined by AO, but same cannot be extended to determination of same by taxpayer: ITAT (See 'Breaking News') TP - Entity engaged in diversified activities cannot be selected for purpose of comparison, in absence of segmental bifurcation: ITAT (See 'Breaking News') TP - Assessment order passed in case of non-existent entity is void: ITAT (See 'Breaking News') TP - Where main relief is granted on basis of one reason, adjudication of exclusion of comparable company for other reasons may not be necessary: ITAT ('See 'Breakimg News') OECD Members agree on method for reporting debt relief as ODA (See 'TII Brief') BRICS Environment Ministers' meet calls for promoting circular economy (See 'Brief') TP - Data to be used for comparison should be data relating to same financial year in which international transactions were entered by tested party: ITAT (See 'Breaking News') I-T - Managerial services which did not make available any technical knowledge, skill, knowhow or processes to purchaser, do not fall under FTS: ITAT (See 'Breaking News') TP - Dismissal of appeal on ground of it being filed in name of non-existing company amalgamated with another entity, is sustainable, where court omits to consider order passed by HC in respect of such amalgamation & regarding automatic transfer of litigations of transferor companies into transferee company: HC (See 'Breaking News') I-T - Any adjustment on account of transfer pricing is warranted, where assessee reimburses actual interest expenses debited by bank to assessee's head office: HC (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

IMF unveils stratagem to support tax reforms & growth
By TII News Service
Nov 02, 2019 , Vienna

    

THE International Monetary Fund (IMF) expressed its optimism about the potential of country-specific Medium-Term Revenue Strategy (MTRS) to support both tax reforms and economic growth. Addressing the gathering at the Medium Term Revenue Strategy (MTRS)—Building More Effective Tax Systems the Director of IMF's Fiscal Affairs Department, Mr Vitor Gaspar, stated that the MTRS had the potential to help overcome the difficulties faced by the serious broad tax system reform.

Interspersing his speech with quotes from Austrian tax guru Joseph Alois Schumpeter, he recalled his classic The Crisis of the Tax State published in 1918. He quoted Schumpeter: “The tax system was the organ the development of which entailed the other organs”. The MTRS starts from the formulation of a high-level road map of tax system reform in a country—extending over 4 to 6 years. The MTRS is the sustained process of implementation of this tax system reform over time.

The MRTS concept has been developed by the Platform for Collaboration on Tax (PCT)— an initiative of IMF, World Bank Group, Organisation for Economic Cooperation and development (OECD) and the United Nations. Explaining the need for MRTS, Mr Gaspar stated that the organizing principle is a vision for the future tax system that the country aims for. Clarity of purpose helps to overcome well-known problems in the political economy of tax system reform. Experience points to the fact that erratic, inconsistent efforts at change frequently result in no change at all—or in quick reversal.

He observed that developing a country-specific vision requires a government-led effort and whole-of-government buy-in and support. There should be a broad social and political commitment to tax system reform. Thus, an MTRS process is a country endeavour leading to a broadly supported, public, transparent, tax system reform. The process is fundamentally political and social. Here he invoked Schumpeter as having said: “The spirit of a people, its cultural level, its social structure, the deeds its policy may prepare—all of this and more is written in its fiscal history, stripped of all phrases.”

He explained four inter-dependent components of MTRS. These are: 1) Government determining spending required to support economic and social development, 2) Tax system reform road map itself—covering tax policy, revenue administration, and the legal framework, 3) Sustained medium-term government commitment to reform 4) Coordinated but ‘subordinated' external support to the government-led tax system reform.

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2020 | Privacy Policy | Taxindiainternational.com Pvt.Ltd. All rights reserved.