PricewaterhouseCoopers and FICCI undertake Total Tax Contribution survey
NEW DELHI, 06 August, 2008 – PricewaterhouseCoopers (PwC) in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) are conducting a Total Tax Contribution (TTC) survey. It is based on PwC’s TTC framework, which provides a methodology that enables companies to measure and communicate their tax contribution in a consistent and easily understandable manner with a view of increasing transparency among stakeholders, including the government.
The survey will be undertaken among S&P CNX Nifty and Nifty Junior companies. The survey report will not only give a factual data of the total business tax contribution made by these companies to the economy, but will also highlight the way in which the current business tax systems operate.
Over the last few years, PricewaterhouseCoopers has actively engaged with international organisations, professional associations and government bodies for conducting TTC surveys to study the tax contribution of top most companies in countries like UK, Australia and South Africa.
The TTC 2007 survey by PwC, UK, revealed several interesting aspects. As per this survey, it required on average, the equivalent of 11.8 full time employees to deal with UK tax compliance. It also revealed that the central tax departments of companies surveyed, spent almost 40% of their time on tax compliance.
“In the context of important and structural changes likely in the tax regime through the introduction of the Goods and Services Tax in 2010, as also through the Direct Tax Code expected next year, the TTC survey is very timely and should be an important input for the government” said Ketan Dalal, Executive Director, PricewaterhouseCoopers.
“A complete picture of the total taxes paid by the business at all levels of the government would facilitate FICCI in pursuing further policy and administrative changes in our tax system”, concluded Dr Amit Mitra, Secretary General, FICCI.
Notes to Editors:
About PricewaterhouseCoopers: PricewaterhouseCoopers Pvt. Ltd. (www.pwc.com/India) provides industry - focused tax and advisory services to build public trust and enhance value for its clients and their stakeholders. PwC professionals work collaboratively using connected thinking to develop fresh perspectives and practical advice.
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