The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax policies and tax laws. TARC will submit periodic reports that can be implemented to strengthen the capacity of the tax system. The Finance Minister said that an emerging economy must have a tax system that reflects best global practices and the proposed Commission is a step in this direction.
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