Friday, Feb 22 2019 | Time 13:34 Hrs(IST)
image
  • Russian Helicopter Ka-226T will be assembled at proposed HAL copter facility in Tumkur
  • Russian Helicopter Ka-226T will be assembled at proposed HAL copter facility in Tumkur
  • CM presents over Rs 1 82 lakh crore Vote-on-Account budget for FY 2019-20
  • Poeir Jets Develops India’s First Heavy-lift Hybrid Drones
  • Poeir Jets Develops India’s First Heavy-lift Hybrid Drones
  • IOC 'suspends discussions' with India regarding hosting of its events
  • Two killed in Nashik road accident
  • Sugar rates steady
  • Watchdog says US-led coalition, SDF failed to protect Civilians during offensive in Baghuz
  • Brushing aside Pak lobbying & Chinese hurdles: Pressure mounts on Imran Khan
  • Delhi Govt has taken host of initiatives to improve education sector: LG
  • India hopes for 'peace and stability' in Korean peninsula through dialogue
  • Pulwama aftermath: SC seeks report from Centre, 10 states on violence against Kashmiris
  • Vadra appears before ED in money laundering case
  • Syria: US to leave 200 troops after pullout
Business Economy Share

Tax predictability, clarity required for $1 trillion digital economy by 2022: IAMAI

Tax predictability, clarity required for $1 trillion digital economy by 2022: IAMAI

New Delhi, Dec 7 (UNI) Internet and Mobile Association of India (IAMAI) on Thursday recommended predictability and clarity of tax provisions to ensure that by 2022 the digital sector reaches its potential

of 1 trillion dollar.

A report prepared by IAMAI and Nishith Desai associates titled 'Taxation of the Digital Economy: Impact analysis for India,' which was released by Mr Subhash Chandra Garg, Secretary (Department of Economic Affairs), Union Ministry of Finance, maps the various tax issues and challenges currently affecting the digital businesses at early stage, over the operating life and exit stages.

According to the report, consistent and predictable taxation policies will encourage growth of the digital economy. The digital sector is highly dependent upon investments from abroad in the form of FII/FDI and technology transfers which often takes the form of IP transfer/sharing. Both these factors have historically been extremely sensitive to the taxation regime of the host countries as reaffirmed by the ‘Doing Business Report’ released by the World Bank.

It said that the digital industry recognises the importance of tax collections and the responsibility on all citizens and businesses to pay the imposts. However, it is important to ensure that there is ‘certainty’ and ‘clarity’ on implementation of the tax statutes. It is also important to ensure simpler tax compliance regime in order to further India’s Global ranking in ease of doing business.

The report also suggests that rationalising tax provisions will encourage growth of the sector, which in turn will help raise its total tax revenues.

(I dollar=Rs 65 (approx)

UNI ADP RP1855

More News

Poeir Jets Develops India’s First Heavy-lift Hybrid Drones

22 Feb 2019 | 1:28 PM

Bengaluru, Feb 22 (UNI) After successful launch of the country’s first Microjet Engine series, Poeir Jets, promoted by M/s Poeir Jets Pvt Ltd, an R&D subsidiary of Intech DMLS, is India’s first private firm that developed Jet Engines, has moved to develop India’s first Heavy lift Hybrid drones and it was launched in the ongoing Aero India 2019 with an aim to establish itself as industry leaders in providing propulsion solutions to Unmanned Aircraft Systems (UAS).

 Sharesee more..

Sugar rates steady

22 Feb 2019 | 1:13 PM

Kolhapur, Feb 22 (UNI) The prices of M 30 and S 30 grades of sugar rates remained steady in Kolhapur sugar market on Friday to Rs 3280/3300 and Rs 3180/3200 per quintal respectively.

 Sharesee more..
Major currencies up

Major currencies up

22 Feb 2019 | 12:20 PM

Mumbai, Feb 22 (UNI) Following were the indicative currency rates and travellers' cheques buying and selling rates per unit.

 Sharesee more..
Rupee opens flat at 71 24 against USD

Rupee opens flat at 71 24 against USD

22 Feb 2019 | 12:09 PM

Mumbai, Feb 22 (UNI) The Rupee on Friday opened flat at 71.

 Sharesee more..
Sensex up by 40 pts

Sensex up by 40 pts

22 Feb 2019 | 12:08 PM

Mumbai, Feb 22 (UNI) The benchmark index of Bombay Stock Exchange (BSE) on Friday rose by 40 points at 35,938.52 as buying was seen in Materials, Realty, Consumer Durable and Bankex stocks.

 Sharesee more..
image