Budget 2015: Tax regime will become simple and predictable, says Sinha

Mumbai: Ahead of Budget, the Finance Ministry today assured the global investor community of a simple and predictable tax regime. [caption id=“attachment_1794559” align=“alignleft” width=“380”]  Image courtesy CNN-IBN[/caption] “Our intent is that at the end of the day, our tax and regulatory regime will be at parity with those elsewhere in the world. In fact, it will be the best in the world,” Minister of State for Finance Jayant Sinha told a gathering of top corporates at the Mumbai Next summit of Maharashtra government here. He, however, declined to elaborate. The minister said the NDA government had inherited many taxation and regulatory issues. “We will ensure that capital can come in and get out of the country and also that it can get deployed here with confidence, and clarity,” he added. Recalling his own experience both as a foreign and domestic investor, the minister said he understands the kinds of problems investors face in the country. Earlier in the day, Finance Minister Arun Jaitley, through a video conference, said that UPA regime’s taxation policy was not investor-friendly. “In the last few months, we’ve made a huge effort to smoothen tax disputes and those issues which were bringing our revenue structure a bad name,” Jaitley said. No state government would make any unfair effort to collect tax from them, he assured. Talking about the economy, Sinha said the government aims to have 7-8 percent GDP growth over the next decade. “Over the next decade, our aim is to put the economy on a sustainable, non-inflationary high growth trajectory and ensure that we grow at 7-8 percent,” he said. With a 7.52 percent growth, “Our $2-trillion economy today can be a $4-trillion gorilla in a decade,” Sinha said. PTI