Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: form 3cd :: cpt :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

KPMG Comments On Indirect Tax Shift
May, 07th 2014

Indirect taxes are becoming the weapon of choice for Governments seeking new revenues, according to a new report from audit, tax, and advisory firm KPMG.

The firm said that higher indirect tax rates are being deployed as a simple option to generate greater revenues while keeping administrative costs to a minimum. Likewise, because indirect taxes apply to consumption rather than profits, revenues from indirect taxes are more stable when economies slow.

Gary Harley, Head of Indirect Tax at KPMG in the UK, explained that this is having a knock-on effect on businesses. He stated: "Indirect tax is becoming increasingly complex with rules and rates changing constantly around the world, combined with an increasingly aggressive and adversarial approach to its collection and payment. This together with the real time nature of the tax and the fact that it is prevalent throughout the business brings very real challenges to its effective management."

"The modern day tax department should be proactive and maximize where they put their tax time, effort, and dollars to ensure they manage their risk as well as create value," he advised.

KPMG also warns in its report that the global tax landscape is changing dramatically, and will continue to do so for the foreseeable future. The majority of developed countries are facing pressure to improve the revenue take from their tax base with fewer resources. This has led to tax authorities pursuing more tax audits and investigations, and resulted in larger adjustments with more potential for penalties and interest. In addition, tax authorities are increasingly looking for coordinated solutions within the European Union (EU), Organisation for Economic Cooperation and Development (OECD), and Group of 20 (G20) nations.

Chris Morgan, Head of Tax Policy at KPMG in the UK, commented: "What is clear is that there is immense pressure for governments around the world to take action to stop situations where double non-taxation occurs. And besides multilateral actions pursued at the level of the EU and OECD, all countries are independently adjusting their legislation to address this critical issue."

"One of the biggest challenges today is that tax law is local but businesses are global. The complexity of applying national laws to companies that operate internationally causes problems. Many countries use their tax systems to compete for investment dollars and jobs, and to benefit from the foreign activity of their own multinationals," Morgan concluded.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions