Gee… it’s Budget time and our taxmen get their annual bout of xenophobia. They think up new ways of choking all streams of income – inland and foreign, inbound and outbound - and squeeze out more.
So now they come up with the new norms for international taxation. There’s something like a concept paper on “simplified income-tax” (oxymoron?). These include the concept of General Anti Avoidance Rule , Controlled Foreign Corporation, Thin Capitalisation Rule and Advance Price Mechanism.
Mr.Chidambaram, take my advice. Introduce no new taxes. You’re way too rich already. Ask your colleagues to build new roads, highways, dams and airports they promised. For heaven’s sake, don’t come up with new Yojanas or we’ll puke ! If possible, scrap those you can’t run. Tell that gloating Laloo to give us some fast trains. Bombay local trains are an apology for modernity. Fix corruption in PDS and make sure the poor get their ration as per entitlement. Talk to Chinese if you have no clue and learn how to deploy tax rupees in building infrastructure. Elections are around the corner and if you listen to me, your payback will be lucrative – another term at office – that’s what you guys die for anyway… don’t you?
Ah, but you call it “continuity to enable reform process” – Balderdash !