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.
Dr. BBL Madhukar, Founder, Director General of BRICS Chamber of Commerce & Industry Lighting the Lamp with guests at the event
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.
Dharampal Satyapal Limited group receiving the award for Best In-House Direct Tax Team of the Year
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.
Brazil, Russia, India, China and South Africa (BRICS) are leading emerging economies and political powers at the regional and international level. The acronym was originally coined in 2001 to highlight the exceptional role of important emerging economies and the then acronym included Brazil, Russia, India and China (BRIC) only. It was pointed out that high growth rates, economic potential and demographic development were going to put BRIC further in a lead position and it was argued that their increased relevance should also be reflected in their incorporation to the G7 (O’Neill 2011). The four countries themselves started to meet as a group in 2006 and it was only in 2010 that South Africa was invited to join the group, which was then referred to as BRICS.
About BRICS CCI
Brazil, Russia, India, China and South Africa have emerged as ‘the protagonists” in the world economy significantly and rapidly. The BRICS Chamber of Commerce and Industry is a parent organization which promotes commerce and industry in the BRICS nations. The Chamber, founded in 2012 with the efforts of eminent professionals and entrepreneur, is a not-for-profit and non-governmental organization. BRICS CCI is a registered body under Societies Registration Act 1860, Government of India and empanelled with NITI Aayog and recognized by United Nations.
The objective of BRICS CCI is to create an enabling support system especially for the MSME segment of businesses and young entrepreneurs from across all geographies. While the BRICS nations will remain at the centre of all activities, the chamber has taken in its credo to reach out to and enable young entrepreneurs from other friendly nations too. It proposes to be the ‘voice’ of entrepreneurs and helps them cultivate their business with due regard to social, cultural and security issues.