KPMG statements on Union Budget 2016.
Statement on Social Security from Nabin Ballodia, Partner – Tax, KPMG in India
A well balanced budget with focus on maintaining fiscal deficit, boost to infrastructure, governance and social security as well as attempt to address pain points around tax dispute and uncertainty. Overall well directed to boost the growth trajectory of the country.
Statement from Rohan Phatarphekar, Head of Transfer Pricing , KPMG in India
As expected the Transfer Pricing documentation norms would now include Country by Country reporting for multinationals having global revenue exceeding Euro 750 million as recommended by OECD/G20 Base Erosion Profit Shifting reports. This an absolute new format of reporting which is now becoming a global norm and while it will bring in transperancy, it will result in initial challenges for the tax payers of putting together this report and an overall increase in the compliance burden.
Statement from Naveen Aggarwal, Partner – Tax, KPMG in India on Implementing of Easwar Committee recommendation
Implementation of Justice Easwar Committee recommendations by rationalising deductible expenditure on dividend earning instruments, extending presumptive scheme for professionals and other taxpayers, automatic stay of demand at first appellate level with 15% part payment and enhanced interest for delayed refunds beyond 90 days, reinforces the Government’s commitment towards a simplified and less litigious tax regime.
Statement from Rahul K Mitra, National Head, BEPS & Tax Dispute Resolution, KPMG in India
The budget would need to be viewed from a long term perspective, where the Finance Minister has tried to go for fiscal consolidation and put India on a growth path in the domestic market.
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