ARTICLE ON EXPLORING THE CHANGING LANDSCAPE IN TAXATION LAW IN INDIA
AUTHOR – SANJANA KHANJIRE, STUDENT AT SCHOOL OF LAW, MIT WORLD PEACE UNIVERSITY, PUNE, BHARAT
BEST CITATION – SANJANA KHANJIRE, ARTICLE ON EXPLORING THE CHANGING LANDSCAPE IN TAXATION LAW IN INDIA, ILE JOURNAL OF ADMINISTRATIVE LAW REVIEW (ILE JALR), 1 (1) OF 2023, PG. 12-16, APIS – 3920 – 0051 | ISBN – 978-81-964391-3-2.
Abstract
Taxation law is a dynamic and ever-evolving field, shaped by societal, technological, and economic developments. This abstract highlights some key contemporary issues in taxation law as of September 2021, shedding light on the challenges faced by governments worldwide. One of the major concerns in taxation law is international taxation. With the rise of multinational corporations and globalization, tax avoidance, and base erosion have become pressing issues. Efforts are underway to address these challenges through international tax reforms, aiming to tackle transfer pricing, base erosion, and profit shifting. Additionally, the taxation of the digital economy poses a significant challenge, as traditional tax rules struggle to capture revenue generated in the digital space. Governments are exploring ways to update tax regulations to ensure the fair taxation of digital businesses and address issues such as user data and digital advertising.Tax avoidance and evasion continue to be significant concerns. Sophisticated tax planning strategies, offshore tax havens, and complex corporate structures contribute to these issues. Governments are implementing stricter regulations and international cooperation mechanisms to combat tax evasion and improve tax transparency through some of the initiatives such as the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).[1]The rise of cryptocurrencies has introduced complexities in taxation. Issues such as the classification and valuation of cryptocurrencies, reporting obligations for transactions, and addressing tax evasion risks associated with decentralized transactions are being addressed. Moreover, environmental taxation has gained prominence as governments aim to incentivize environmentally friendly practices and discourage harmful behaviors through mechanisms like carbon taxes.This abstract provides a snapshot of contemporary issues in taxation law, but it is essential to acknowledge that tax laws and regulations vary across jurisdictions. Staying abreast of updates and seeking professional advice is crucial for a comprehensive understanding of the ever-evolving landscape of taxation law.
Keywords: Taxation, Environmental Taxation, Jurisdiction, Government, Globalisation.
[1] https://www.pwc.com/mt/en/publications/tax-legal/foreign-account-tax-compliance-act-and-the-common-reporting-standard.html