SEAnews 2015-10-27 ArtNo.45514

【New Delhi】The timing of the conclusion of the Trans-Pacific Partnership on October 4 coincides with a continuous slump in export growth in India which will definitely be a major deterrent to India's high and sustained growth ambitions.
　According to Mr. Jayanta Roy, Macro Economist and International Trade Specialist, India's next-generation trade reforms should be linked to the changed global trade landscape, which integrates goods, services and technology to connect with a world dominated by global value chains (GVCs).
　This linkage to GVCs will boost our exports of goods and services and FDI; raise GDP growth and sustain it; and create jobs (through SMEs and labour-intensive professional services) to make growth inclusive. We don't need a sole focus on manufacturing since it is linked to services and technology. We are in the world of tasks - not goods. The WTO "silo" approach on agriculture, manufacturing, and services do not really fit into this new trade landscape. This is going to be a world of mega-regionals, with the TPP leading the way.

○Govt allays MNCs’ tax worri

【New Delhi】In what could be major relief to multinational companies in India, the government has decided to considerably reduce the incidences of transfer pricing audits with regard to their cross-border transactions.
　The Central Board of Direct Taxes (CBDT) has directed its field officers to refrain from manual selection of transactions for scrutiny based on the threshold value, and instead restrict audit to cases only where the revenue risk to the government is huge.
　Also, an assessing officer will have to give a structured opportunity of hearing to the taxpayer before a case is referred to a transfer pricing officer.

【News source】

Jayanta Roy: The TPP - a wake-up call for India

Govt allays MNCs’ tax worries

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