India to Cooperate With OECD on Transfer Pricing

Ozg Transfer Pricing Consultant

Ozg Center | London | New Delhi | New York | Mumbai

Back Office Phone # 0091-9811415861-72-84-92-94

Email: transfer.pricing@ozg.co.in

www.TransferPricingConsultant.com

India and the Organisation for Economic Cooperation and Development (OECD) have decided to co-operate in dealing with issues relating to transfer pricing and promote better tax compliance. This is in addition to taking measures to improving the prevention and regulation of cross border dispute. The two sides will not only work towards enhanced tax cooperation but also suggest measures which will provide greater certainty to both taxpayers and the governments. 
Consensus on these issues emerged after a a two day high level seminar ‘Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and the OECD’ in Delhi. The seminar was attended by 170 officials from India and a dozen from other OECD and non-OECD countries. 
Finance minister Pranab Mukherjee welcomed the opportunity to strengthen India’s engagement with the OECD in the area particularly with regard to the work being done to counter offshore non-compliance by Indian residents. Mukherjee had said earlier that at a time when the country needs revenues to close budget deficits, the tax burden must be shared. 
OECD secretary-general Angel Gurría said that the phenomenal economic advances India has made in recent years, and its growing integration into the global economy, have exposed its tax policies to similar challenges faced by industrialised countries. 
In his view India needed to adapt its domestic tax system and its international tax policies to the emerging borderless economy. 
India plays a lead role in the Global Forum on Transparency and Exchange of Information for Tax Purposes and is an active member of the OECDs multi-stakeholder Task Force on Tax and Development.
Jun 16 2011 / indianexpress

Ozg Transfer Pricing Consultant

Ozg Center | London | New Delhi | New York | Mumbai

Back Office Phone # 0091-9811415861-72-84-92-94

Email: transfer.pricing@ozg.co.in

www.TransferPricingConsultant.com

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