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DTC could impact domestic cos competitiveness: Deloitte
September, 28th 2010

Global consultancy firm Deloitte on Sunday said that certain provisions in the proposed Direct Taxes Code (DTC) could adversely impact the global competitiveness of domestic companies and even hurt overall corporate tax collections in the long run.

"The tax law (in DTC Bill) should be more liberal than what it is today. Controlled Foreign Company (CFC) legislation either has to be deferred in implementation or else it should be made less rigorous," Deloitte India Tax Partner-Outbound Services Vipul Jhaveri told media.

The DTC Bill has spelt out conditions for treating a company as a subsidiary of a foreign company, or as a CFC, for tax purposes.

According to the proposal, an entity would be treated as a CFC on the basis of many factors, including whether the firm is registered in a jurisdiction having a lower tax rate.

The ownership of the particular entity, such as whether the management is controlled by one or more Indian residents, would also be taken into consideration before deciding on CFC status.

Jhaveri said the proposed legislation could even lead to double taxation.

"If everything remaining the same (in CFC legislation), there is good possibilities that in the longer run, the tax collection could go down or at least it will not rise as it would have otherwise.

"If you prevent Indian companies from becoming global, then their ability to compete with foreigners will be much less," he noted.

The government introduced the DTC Bill in the Lok Sabha in the Monsoon Session, seeking to increase the exemption threshold for income taxpayers and reduce corporate taxes.

The DTC seeks to replace the five-decades-old Income Tax Act, 1961, and will come into effect from April 1, 2012, one year later than promised earlier.

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