Finance minister Pranab
Mukherjee will discuss the new direct tax code, scheduled to be introduced by 2011,
with top industrialists and chief financial officers of companies on October 9
in the capital.The proposed meeting, where more than a thousand business
leaders and other stake holders are expected to attend, would also deliberate
on the finer details of the new dispute resolution mechanism that the
governemnt wants to introduce for foreign tax payers, said a government
officeial, who asked not to be named. During the deliberations, senior
officeials from the revenue department and the central board of direct taxes
will recedive sugestions on both the issues. The government wants to replace
the existing tax dispute-redressal system with a new one that reduces the
subjectivity of the assessemnt officer as well as chances of litigation. It
introduces a panel of three officials, before which a foreign tax payer can
raise objections to a draft order prepared by the assessment officer. –
THE ECONOMIC TIMES, NEW DELHI, SEPTEMBER 25, 2009