Shome to head panel on tax policies

The government, on Monday, set up a seven-member panel under the chairmanship of Parthasarathi Shome to revisit tax laws and recommend measures for putting in place a stable and non-adversarial tax administration. Following Cabinet approval earlier this month, the setting up of the tax panel with a tenure of 18 months marks compliance of Finance Minister P. Chidambaram’s budget proposal this fiscal “to set up a Tax Administration Reform Commission (TARC) to review the application of tax policies and tax laws and submit periodic reports that can be implemented to strengthen the capacity of our tax system.”

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