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Damodaran panel opposes retro-taxation
Terming retrospective taxation a "significant disincentive" for entities wishing to do business in India, a government-appointed panel has suggested a string of legal, administrative and regulatory reforms to make the country a better and easier place for doing business.
Advises a host of legal, admin, regulatory reforms
New Delhi (PTI): Terming retrospective taxation a "significant disincentive" for entities wishing to do business in India, a government-appointed panel has suggested a string of legal, administrative and regulatory reforms to make the country a better and easier place for doing business.
The panel has also suggested simpler drafting of rules to avoid leaving room for interpretations, while recommending greater autonomy to regulators, transparency in selection of heads for regulatory bodies, incentives for states undertaking key reforms and faster resolution of disputes through arbitration mechanism and consent settlements. In its 77-page report for reforming the regulatory environment for doing business in India, former Sebi Chairman M Damodaran-headed expert panel said that "death and taxes are equally undesirable aspects of human life", but even death is "never retrospective".
"Retrospective taxation has the undesirable effect of creating major uncertainties in the business environment and constituting a significant disincentive for persons wishing to do business in India,” said report. Damodaran panel, which was set up in August last year, has made as many as 20 recommendations, classified in five broad categories.
