Saturday, Dec 15 2018 | Time 14:31 Hrs(IST)
image
  • US district court rules Obamacare no longer valid
  • BWF World Tour Finals: PV Sindhu enters final
  • COP24: Preparing Africa for ravages of climate change
  • Civilian death toll continues to mount in Syria
  • India shares 'historical' and comprehensive defence ties with France, says Sushma
  • Rajapaksa steps down as Lankan Prime Minister
  • Yemen ceasefire deal: ‘Potential’ now to restore humanitarian lifeline to millions
  • UN agencies launch emergency plan for millions of Venezuelan refugees and migrants
  • SC says lasting peace in Yemen remains ‘daunting task’
  • Heavy rain likely to occur in Coastal Andhra Pradesh
  • 'Another blood-soaked weekend in Kashmir, 6 protesters, a soldier killed': Omar
  • MK statue unveiling by Sonia, public meeting, to be Oppn's show of strength
  • Rawat urges passing out cadets to cope up with future challenges in warfare
  • 3 militants killed, soldier martyred in Pulwama encounter
  • Karnataka Government to order Inquiry into the death of 11 devotees in Chamarajanagara District
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

Dilip Buildcon announce declaration of appointed date for project from NHAI

15 Dec 2018 | 1:13 PM

Mumbai, Dec 15 (UNI) Infrastructure Major, Dilip Buildcon said that its wholly-owned subsidiary DBL Rewa Sidhi Highways Private Limited, has received the appointed date i.

 Sharesee more..

Zydus receives approvals from the USFDA for Albendazole tablets, Pregabalin capsules

15 Dec 2018 | 1:09 PM

Mumbai, Dec 15 (UNI) Pharma Major Zydus Cadila has received the final approval from the USFDA to market Albendazole Tablets USP (US RLD - ALBENZA tablets), 200 mg.

 Sharesee more..

15 Dec 2018 | 1:08 PM

Mr Venkatachalam said there is another argument that Banks would become globally competitive by mergers and help to create very big Banks.

 Sharesee more..
Sugar rates steady in Kolhapur market

Sugar rates steady in Kolhapur market

15 Dec 2018 | 1:01 PM

Kolhapur, Dec 15 (UNI) The prices of M 30 and S 30 grades of sugar rates remained steady in Kolhapur sugar market on Saturday at Rs 3280/3300 and Rs 3180/3200 per quintal,respectively.

 Sharesee more..
UFBU to observe strike on Dec 26 over merger of 3 banks by Centre

UFBU to observe strike on Dec 26 over merger of 3 banks by Centre

15 Dec 2018 | 12:58 PM

Hyderabad, Dec 15 (UNI) About 10 lakh bank employees and Officers will observe a nation-wide strike on December 26 in protest against the Union Government's decision to merge the Bank of Baroda, Dena Bank and Vijaya Bank into one Bank.

 Sharesee more..
image