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.
The CPI(M) and Congress barely made it to the headlines. While newspapers have written about the two parties, they have been almost completely ignored by television news.
By pairing Indian drone engineering with Japanese semiconductor expertise, the two firms aim to develop more advanced autonomous systems tailored to both defence & commercial use.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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