BRICS Chamber of Commerce & Industry (BRICS CCI), organized the 2nd Annual Direct Tax Summit & Awards 2020 in association with Achromic Point - an international consulting firm. The day long summit saw an eminent list of delegates discussing recent trends and issues in the field of International Tax and identified the best methods for integrating into the new systems while deriving the most tax benefits. BRICS CCI works towards creating an enabling support system especially for the MSME segment of businesses and young entrepreneurs from across all geographies. Dharampal Satyapal Limited won the award for Best In-House Direct Tax Team of the Year.
Tax professionals have to deal with many issues like achieving tax compliance and minimizing tax risks and disputes, in addition to audits by tax authorities. In today's digital economy businesses are exploring area level synergies to ensure cost reductions, enhanced competitiveness, improved market penetration and product leadership. At the same time, the Tax Authorities across nations are becoming increasingly sophisticated with respect to transfer pricing audits. Some of the key topics discussed at the summit included key amendments vide Budget 2020, India's tax litigation scenario and way forward, penalty and prosecution provisions under Income tax law, India's take on taxation of digital economy, cross border investments, structuring and transactions (key provisions), Black Money Act, Benami Law and Money Laundering laws-Government tightening the rope.
Speaking on the sidelines of the event, Dr. BBL Madhukar, Founder, Director General of BRICS Chamber of Commerce & Industry, said, "At BRICS CCI it is endeavor to facilitate an economic ecosystem which not only seamless in terms of transactions and regulations but helps us aggregate Global trade. Forums like these will help us better understand the Direct Tax Amendments proposed in the Union Budget 2020 and will also help us in developing a global transfer pricing risk strategy by identifying the best methods for integration into the new systems while deriving the most tax benefits."
With Mr. P.K. Dash - Central Board of Direct Taxes, Member (Legislation) and Adv. Balbir Singh as Guest of Honour the symposium also shed light on the future of the international taxation landscape, explore contemporary issues that take into account the work carried out at the OECD. The seminar will highlight jurisdictional approaches to the taxation of complex international transactions and also provide better insight into further measures to be undertaken by the government and its impact on growth. The Knowledge Partner of the event was Aourakii Legal, Chilana & Chilana Law Offices was the Litigation Partner and Avinav Consulting & Versari Advisors were the Corporate Partners.