| International Tax Academy to be operational before end of this fiscal.
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Armed with info
Through the Academy, the IFA proposes to offer high-end crash courses as well to Indian tax practitioners on various issues such as tax credits, transfer pricing and service tax.
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In a bid to equip Indian tax professionals with the fast changing nuances of cross-border tax matters in the backdrop of globalisation, the Indian chapter of the International Fiscal Association (IFA) is chalking out a programme to come out with high-end courses on cross-border taxation issues.
Talking to reporters on the sidelines of a daylong seminar on `Tax Credits, Service Tax & Transfer Pricing' here on Thursday, the IFA Hyderabad Sub Chapter Chairman, Mr P.V.S.S. Prasad, said the Indian body of the IFA was currently setting up an International Tax Academy in New Delhi, which would be operational before the end of this fiscal. Through the Academy, the IFA proposed to offer high-end crash courses to Indian tax practitioners on various issues such as tax credits, transfer pricing and service tax, Mr Prasad said.
Imperative need
According to the IFA Hyderabad Sub Chapter Secretary, Mr V. Jawahar, it has become imperative for tax practitioners to update themselves on the latest changes in global tax laws in view of the growing services sector in the country, with services exports across different tax jurisdictions, including business process outsourcing (BPO) and knowledge process outsourcing (KPO) businesses.
In the era of growing inbound and outbound investments, issues such as taxation of income in the source country and the corresponding claim of tax credit in resident country become critical. Tax practitioners have to administer tax credits as per the treaty provisions, Mr Prasad said.
Reaping opportunity
Earlier, addressing the seminar, the Chairman and Managing Director of Vimta Labs Ltd, Dr S.P. Vasireddi, stressed the need for Indian entrepreneurs and tax practitioners to keep track of the latest happenings in global taxation matters so as to effectively reap the benefits of growing cross-border trade opportunities. Advising Indian entrepreneurs not to accept any terms simply for the sake of obtaining global contracts, he asked them to take adequate legal inputs towards ensuring right contracts.
"The world cannot go anywhere than come to India and China. So, be smart in grabbing the opportunities by being up-to-date on international tax and transfer pricing matters. Not being updated and not complying with these vibrant global tax laws could prove costly for businesses," Dr Vasireddi said.
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