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Corporate India should shun 'tax avoidance' and need to pay their fair share of taxes in jurisdictions where the business activity actually happened, a top Finance Ministry official has said.
"The era of tax avoidance (I am not talking of evasion) in the garb of minimising taxes are over," CBDT Chairperson Anita Kapur said at the 3rd Global Tax Summit organised by the Confederation of Indian Industry (CII) here on Thursday.
Stating that tax is now a boardroom issue, Kapur said that managements have to realise that the company's brand will suffer if the entity gets a stigma of being tax avoider.
She also highlighted that the Government was keen to reduce corporate tax rates while doing away with exemptions.
"We want to phase out exemptions and bring down the rates," she said.
In this year's budget, the Finance Minister Arun Jaitley had announced the government's intent to cut the corporate tax rate from 30 per cent to 25 per cent over four years.
Srivats.kr@thehindu.co.in
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