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Key OECD Recommendations

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OECD has issued a report outlining the key recommendations that are critical to India’s long-term economic performance and social development. Glimpse of these recommendations are presented herein below:

1) Implement a revised Direct Tax Code which streamlines collection and reduces the overall burden of direct taxes.

2) Strengthen the independence of the Lokpal/Ombudsman mechanism.

3) Proceed with the implementation of the GST, minimising exemptions to keep the base as broad as possible while also aiming for a single rate within each state.

4) Adopt the revised Company Bill.

5) Continue efforts to reduce fossil fuel subsidies to free-up scarce public resources while reducing the incentives for environmentally harmful activities.

6) Mitigate risks of waste and corruption in the whole procurement cycle.

7) Push reforms in the area of international taxation in order to boost investor sentiment and provide a stable and certain tax environment for businesses.

8 ) Adopt the National Competition Policy, and include an institutional framework that involves the Competition Commission of India in conducting the reviews.

9) Implement and enforce the foreign bribery law and continue engagement with the Indian private sector in raising awareness about foreign bribery.

10) Continue to reduce trade and FDI barriers, especially in goods and services sectors.

11) Enhance international openness.

12) Transform rural banks and cooperatives into smaller privately-owned banks free of governmental shareholding and concurrently modernize their regulation.

13) Streamline regulatory arrangements so as to reduce overlaps and compliance cost.

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[Source: www.taxmann.com]

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