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Jul 10, 2024
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Strict compliance, reporting rules making tax function difficult: PwC India
Advanced technologies and international data-sharing mechanisms have improved transparency and efficiency in taxation in India, but strict compliance and complexities have made it more challenging, according to a new study by PwC India.
"Be it in India or other global economies, tax authorities are leveraging advanced technologies to streamline tax administration and combat tax evasion effectively," it said, adding that international data-sharing mechanisms, including bilateral tax treaties and multilateral initiatives, are facilitating cross-border information exchange.
"While these developments have resulted in transparency, efficiency and speed, on the flip side, stringent compliance and reporting requirements and incremental operational intricacies have made the tax function for businesses all the more challenging," the study titled "The three T's of tax – technology, transparency and trust" added.
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