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Our Bureau

Hyderabad , Oct 2

THE International Fiscal Association (IFA) has stressed the need for an elaborate study and research on global fiscal laws in the advent of growing cross border trade and commerce.

Addressing delegates at a day-long seminar on `FEMA, TDS & Transfer Pricing' on Saturday, the IFA Hyderabad Sub-Chapter Chairman, Mr P.V.S.S. Prasad, said that provisions of the treaty law are as important as the provisions of domestic law in the case of non-residents doing business in India and Indians doing business abroad.

"Many new dimensions unfold in the advent of technological advancements in the process of business operations. E-commerce gives rise to controversial issues in tax treatment. Transfer pricing issues relating to offbeat transactions between the associated enterprises also give rise to unique situations without any legal precedence. In this backdrop, industry needs focussed deliberations on the subjects of current value in international taxation," Mr Prasad said.

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