According to the findings, people want their governments to cooperate for a more coherent international tax system, they trust professionals, but have developed a deep distrust of politicians when it comes to tax.
Most Indians want ‘big picture’ tax policymaking and believe that it is appropriate to offer tax incentives to attract overseas investment, says a survey by the Association of Chartered Certified Accountants (ACCA). According to the findings, people want their governments to cooperate for a more coherent international tax system, they trust professionals, but have developed a deep distrust of politicians when it comes to tax. “Indians, in particular, have a higher level of trust in multinationals and professional accountants in India, in comparison to much of the G20 countries, to create a fair and appropriate tax system,” said Sajid Khan, Head of international development at ACCA.
The report noted that 70 per cent of Indians believe that multinationals are paying reasonable amount of tax and it is appropriate to offer tax incentives to attract overseas investment. In contrast, across the G20, only 52 per cent respondents are likely to have trust in multinationals’ tax arrangements, and just 49 per cent think that tax incentives should be offered. The ‘G20 public trust in tax’ measures views on taxation across G20 and was conducted in partnership with the International Federation of Accountants (IFAC) and the Chartered Accountants Australia and New Zealand (CA ANZ).
It drew on the views of more than 7,600 people across the G20 countries, which in turn account for two-thirds of the world population, 85 per cent of the Gross World Product and 75 per cent of world trade. The survey saw 360 respondents from India. Moreover, people are highly in favour of utilising tax systems to achieve broad social and economic objectives. “More than three quarters (76 per cent) of respondents are supportive of government tax incentives for green energy projects, 74 per cent for retirement planning and 68 per cent for infrastructure projects,” it added.