Setting revenue targets for officials is something that Bhishma, Thiruvalluvar, and Chanakya would have strongly opposed. It incentivises officials to become tyrants.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
It is time for more proactive thinking on tax policy, which can no longer be guided only by the limited objective of revenue maximisation or hawkish enforcement to meet steep internal targets.
Kenyans came out in thousands to protest the recent tax hikes. The police reacted with live bullets and tear gas, killing at least five people and injuring hundreds.
A government can afford to make tough decisions in its early days. Resisting populist concerns, we need long-term reform such as broadening the tax base and removing deductions.
Budget could also look at tax rebates to stimulate housing demand, raising standard deduction, getting rid of redundant stock market taxes to encourage households to invest.
The tax department's move had raised concerns over increase in compliance burden for firms, and it's unclear if the govt will go through with the proposal.
Earlier, the government would pay input credit. But now, since the final product is not taxed, manufacturers will have to add it to the cost of the pads.
London: Just when you thought former prince Andrew Mountbatten-Windsor could sink no lower, fresh evidence shows that indeed he did.
King Charles’ troublesome younger brother...
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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