Industry & Economy
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Taxation
Corporate
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Corporate Governance
`Corporate India must see tax as board level issue'
Our Bureau
New Delhi
,
Aug. 2
TAX matters should get a full voice in the boardrooms of Corporate India as it is now a big business issue and is on the radar screen of investors and analysts besides government and potential investors, a tax expert has said.
"It (tax) should necessarily form part of the internal corporate governance agenda. A robust strategy on tax does make a difference as you are judged by external stakeholders," Mr Loughlin Hickey, Partner and Europe, Middle East and Asia Head of Tax, KPMG, told Business Line.
He said investors and analysts are now more worried about tax and they would like to find out if tax formed part of the corporate governance agenda of companies.
Mr Hickey, who is on a visit to India, shared his perspective on `Tax in the Boardroom' with a group of chief executives and chief financial officers here on Monday. On October 1, Mr Hickey would take charge as KPMG's global head of tax.
He believes the board should at least lay down the broad philosophical and ethical principles and oversee the establishment of a robust and well-documented control environment that is regularly and rigorously monitored.
Stating that the board's overall position on taxation should be documented, Mr Hickey said, "Once you document it, they can be easily tested." He said although there is a growing intellectual interest (about tax), there is not much total action yet across the board that one would expect.
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