'Tax reforms vital to bring global capital to India'

Singapore: As India continues its journey towards becoming one of the world's largest economies, tax reforms that improve predictability and reduce complexity will play a vital role in attracting global capital and fostering entrepreneurship, a senior financial industry expert said here on Tuesday."It is also important to have a deep understanding of the growing economic partnership between India and Singapore and the importance of continuous dialogue on regulatory developments that impact cross-border investments," said Sanjay Gattani, chairperson of the Singapore Chapter of the Institute of Chartered Accountants of India (ICAI).Gattani also highlighted the increasing importance of keeping the global Indian community informed of India's rapidly evolving regulatory and tax environment.

He noted that India today stands at a pivotal stage of economic transformation, driven by structural reforms, digitalisation, and a strong commitment to enhancing the ease of doing business.Also Read: India's net direct tax collections rise 14.6% to Rs 5.21 lakh crore till June 17Gattani emphasised that tax certainty, transparency, and simplification are critical factors influencing global capital flows and investment decisions.

He said the proposed Income Tax Code reflects India's intent to create a modern tax framework that is easier to understand, easier to comply with, and better aligned with international business practices."Chartered accountants play a vital role in helping businesses and investors navigate these developments and contribute to India's growth journey," Gattani told PTI.The ICAI Singapore Chapter, in collaboration with the High Commission of India in Singapore and its International Taxation Committee, organised two knowledge sessions on India's evolving tax landscape, bringing together policymakers, tax experts, investors, business leaders, and members of the Indian diaspora.The experts who attended the sessions collectively observed that India's tax administration has made significant strides towards creating a more transparent, technology-driven, and taxpayer-centric ecosystem.Particular appreciation was expressed for the simplification efforts embedded in the new Income Tax Code, which seeks to reduce complexity, eliminate redundancies, and present tax provisions in a more concise and user-friendly manner, he said.Participants also discussed India's growing attractiveness as a global investment destination, supported by regulatory reforms, improved dispute resolution mechanisms, digital tax administration, and a stable policy framework. ...