Arindam Lahiri’s Post

This morning, I participated in a webinar as a panel member on "Can Taxes Make India a First World Nation by 2047?" The webinar was moderated by Mr. Navneet S. Chugh, Attorney and CPA. We discussed about the tax reforms necessary to propel the economy and to increase the Tax to GDP ratio (India is currently at 12%). Brazil is at 32%, Chain 20%, South Africa 25% and Botswana 22%. Simplification of tax structure, strengthening enforcement, modernzing tax administration, R&D incentives, international co-operation, taxation of agricultural income etc. were discussed during the webinar. The video of the webinar would be posted in YouTube by organizers, Indian Lawyers' Association.

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It was my great pleasure to moderate the session on "Digitization of tax ecosystem : Creating the tax function of the future" during UBS Forums' Tax Event. Thanks to Sriram Ranganathan, Snigdha Mehrotra, Gaurav Lal, Dr. Anand Jaiswal, Ashish Chawra and Nagaraja Ranganathan for their valuable thoughts. The experiences shared by you must have enriched the audience and kindled new thoughts in their mind. We collectively agreed that a robust tax function would need to digitize itself and include software-aided tools (tax engines) to retrieve data and generate reports. With the advent of AI and Generative AI tools like Chat GPT, India is emerging as a global hub for data analysis and this trend is likely to continue in future.

The Next-Gen Tax Leader needs to be tech-savvy, people-centric and passionate about the subject of taxation. India is emerging as a leader in service delivery; businesses are becoming global and solutions (especially fintech) are demonstrating universal acceptability. Tax authorities are becoming aggressive, Governments' budgets are strained, there is increased level of cooperation among tax jurisdictions. Tax heavens are destined to meet their natural death. In this world of uncertainty, the Tax Leader needs to navigate through passion, compassion, innovation and technology adoption. It was great presenting my thoughts at UBS Forums. Moderating the Panel of esteemed speakers was a lot of fun !!!