Partho Shome’s 30-year career as a tax official and adviser to Indian governments and multilateral organisations may be at an end for now, but he will still take a keen interest in tax policy, as this exclusive interview with International Tax Review reveals.
The chairman of India’s Tax Administration Reform Commission (TARC), which completed its work earlier this year, has highlighted an increased customer focus, the desirability to combine the country’s direct tax and indirect tax administrations, and the need for impact assessment and revenue forecasting, as examples of the organisation’s most important recommendations.
Unveiling a plan to tackle tax avoidance and evasion, Ed Balls, the shadow chancellor of exchequer, said the issue will be at the top of a new Labour government's to-do list.
Taxpayers which use US Generally Accepted Accounting Principles (GAAP) in their financial reporting will get an extra year to implement the new revenue recognition standard after the Financial Accounting Standards Board (FASB) decided at its meeting on April 1 to defer its effective date.
