Finance minister Pranab Mukherjee will discuss the new direct tax code, scheduled to be introduced by 2011, with top industrialists and chief financial officers of companies on October 9 in the capital.

The proposed meeting, where more than a thousand business leaders and other stake holders are expected to attend, would also deliberate on the finer details of the new dispute resolution mechanism that the government wants to introduce for foreign tax payers, said a government official, who asked not to be named.

During the deliberations, senior officials from the revenue department and the central board of direct taxes will receive suggestions on both the issues.

The government wants to replace the existing tax dispute-redressal system with a new one that reduces the subjectivity of the assessment officer as well as chances of litigation.

It introduces a panel of three officials, before which a foreign tax payer can raise objections to a draft order prepared by the assessment officer.