BENGALURU, SEPT 16: Union Finance Minister Nirmala Sitharaman on Wednesday called for greater public discussion around independent research on tax policy, urging tax professionals to look beyond sector-specific interests and consider broader national priorities.
Addressing the Eighth International Tax Conference on ‘New Age Taxation’ in Bengaluru, organised by the International Tax Research and Analysis Foundation, Sitharaman said a mature debate on taxation should extend beyond the concerns of individual sectors.
She urged tax professionals to adopt a wider perspective while contributing to discussions on tax policy and economic development.
The Finance Minister highlighted several recent changes made by the government to simplify taxation. She said provisions related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) had been rationalised, thresholds increased and unnecessary criminal provisions reduced.
Speaking about international taxation, Sitharaman said India had renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore the country's right to tax capital gains at the source.
She also spoke about the challenges facing India's economy amid a difficult global environment. According to the Finance Minister, tariff-related uncertainties, ongoing conflicts, developments around the Strait of Hormuz and fluctuations in crude oil and fertiliser prices remain key concerns.
Sitharaman noted that crude oil and fertilisers constitute some of India's significant import requirements, making global price movements an important factor for the country's economy.
Despite the international challenges, she said India was relatively well placed on its growth and development path and stressed the importance of informed and independent research in shaping future tax policy discussions.
