BANGALORE: After the liberalisation of the economy and opening up of several fields to attract investment from foreign countries, it has become necessary to put in place a tax regime especially geared to deal with the taxation issues that arise out of cross-border flow of capital and investment, said President of the Income Tax Appellate Tribunal, Mumbai, R V Easwar here on Friday.Another thing which causes concern, he said, is the flocking of the young professionals to large firms of chartered accountants for employment rather than setting up practice.“One perhaps can’t really blame them, since I understand that the pay packet these days is quite handsome even at the entry level. But then, the profession of accountancy in India is a success story because of the individual chartered accountants, who had practised on their own and later, went on to establish large firms. I’m a little uneasy about the corporatisation of the profession.That has perhaps killed the enthusiasm and spirit of the budding chartered accountant, who apprehends that he would stand nowhere in practice,” explained Easwar, after inaugurating the 11th International Tax Conference by the Bangalore Chamber of Industry and Commerce.The two-day conference will address a number of practical issues relating to tax treaties and Transfer Pricing and International Financial Reporting Standards, comparing India’s approaches with the principles put forth in the Organisation for Economic Co-operation and Development guidelines.The conference will also address the growing need for International Tax updates so that one is updated to disseminate knowledge and provide a better understanding of international tax practices, development and trends, besides the emerging tax issues.On Day 1 of the conference, there were more than 100 participants, delegates and speakers.
Comments
0 comment