New Delhi, 11 Dec (KNN) The International Tax Conference 2021’, was organised by Federation of Indian Chambers of Commerce & Industry (FICCI) virtually, wherein JB Mohapatra, Chairperson, Central Board of Direct Taxes was the eminent speaker. 

He said a revamp in international tax structure need of the hour.

“India’s international tax structure and the processes have been in line with the bricks and mortar model of businesses. Given the rapidly evolving ways of doing business, these would need to be altered to keep pace with the times that lie ahead,” added Mohapatra. 

The Framework Agreement sets the way for multilateral collaboration for a just and a fair world. BEPS Pillar 1 and Pillar 2 are under dialogue and will come into place soon making way for a clearer pathway on taxation front.

The market economies stand to gain from the level of revenues generated for a product sourced from outside.

He pointed out that India’s revenue goals stand to gain from this exercise. Pillar 2 alone can get USD 500 billion to India’s revenues. 

Further he added that business opportunities are likely to increase going ahead, and he foresees an exciting time for personnel in international taxation domain.

Pressing on dispute resolution posing key challenge, as tax officials will be working multilaterally he said, the future would depend on how strongly, comprehensively and clearly the guidelines and SOPs are drawn. 

“We should be in a good stead as long as that is followed,” stated Mohapatra.