Redefining tax policies

10 JAN,2021 | MEDC


 

An unintended consequence of the pandemic could be its effect on redefining taxation policies worldwide. Social distancing will necessitate much more strategic technological infusion. Digitally equipped and technologically savvy tax administrators would help enhance tax collection capacity and improve taxpayer services. Digitization would lead to efficient sharing of information across geographies, and aid transparency. That will help promote fairness in the tax system and assist the mobilization of resources, which will particularly benefit developing countries like India. Covid has make us realize what a small place the world is, and automatic exchange of information for taxation purposes is going to become the global norm. Coronavirus has put much of the world on the same economic page, and fiscal policy will play a pivotal role in shaping future macroeconomic trends. Aided by changed socioeconomic behaviours, policymakers need to use the current crisis and its aftermath to make a strategic shift towards a fairer and more equitable tax system. This is a rare chance to enhance the fiscal system’s creativity.

*Photo Credit: Google

 

 

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