Tax think tank to fill gaps in the Indian tax system: Shome

The International Tax Research and Analysis Foundation (ITRAF), is a first of its kind Tax Think Tank in India. It has been founded by well known CFOs- Mohandas Pai, Suresh Senapthy, V Balakrishnan - in association with several tax experts and chaired by Dr Parthasarathi Shome. Speaking to CNBC-TV18, Shome identified the key areas of tax that need urgent policy attention and said tax priorities are simplifications of the company income tax, really streamlining incentives, so that the headline rate of the company income tax can be brought down. He is of the view that the tax policy is made in a haphazard manner and tax administration implemented in a very intuitive way and this ad-hocism in the tax system both in terms of policy and administration needs to be cleaned up.“We complain about it in the tax administration which reflects the lack of analysis and ITRAF proposes to fill in that gap,” he says.