Financial Daily from THE HINDU group of publications
Wednesday, Jul 17, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Industry & Economy - Taxation


Jaswant keen on further simplification of tax rules

Our Bureau

NEW DELHI, July 16

THE Government is committed to improving the tax regime to bolster investment and to create an economic climate in the country, according to the Finance Minister, Mr Jaswant Singh.

Although the Government had taken several steps to simplify the tax structure and to ensure compliance, the system was still complex, Mr Singh told the Rajya Sabha on Tuesday.

A reflection of this was in the tax payers' figure where, in a country of one billion, only 25 million were tax payers.

Mr Singh said an improved economic climate would result in domestic savings going up.

Shortly after taking over as Finance Minister, Mr Singh is reported to have told the Revenue Department that as a tax payer he himself found the simplifed tax return form - Saral - complicated.

No Mauritius probe: Mr Singh rejected the demand of the CPI(M) MP, Mr Nilotpal Basu, for a comprehensive inquiry into the misuse of the Indo-Mauritius Double Taxation Treaty by Indian business houses.

"The Government was awake to any aspect of illegality regarding the treaty,'' Mr Singh said during Question Hour. He held that it would not be proper for him to comment on the internal legislation of a friendly neighbouring country.

Mr Basu had alleged that Indian business houses were misusing the double taxation treaty to obtain unjustified tax benefits on their investments. Many industrial houses were using hawala and the Mauritius route to extract tax benefits. The money flowing into the country was not really FDI, but investment by Indian business houses, he said.

Send this article to Friends by E-Mail

Stories in this Section
Attention, standard ease


Karnataka: In-principle nod for coastal SEZ plan
India pleads for poor nations
Kenya keen on more Indian investments
Petro product sales down during June
MERC fixes non-fossil power tariff
TDS exemption for 14 entities
Jaswant keen on further simplification of tax rules
Nabard support for Neeru-Meeru project
All-party meet to discuss Cauvery water issue today
Broadcast panel wants communal amity campaigns
Venkateswara mill gets highest number of bids
PSUs' market cap up `due to divestment'
Labour Ministry told to cut EPF rates
Govt to review FIPB functioning to attract FDI
EXCON 2002 in Dec
Hyderabad Engagements
BJP MPs to plead for tax sops
`Focus LAC' sees 50 pc rise in exports to Latam markets
AP Tourism Dept bags 4 awards
DCA issues notice to Xerox Modi


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line