MNCs Facing Tax Notices; Investors in Trouble

Bangalore: The Multi National Companies are highly afflicted due to the sudden and the unexpected occurrence of the high-profile tax demands, reports TNN.

Along with the MNCs like Nokia, Vodafone and Shell, even the solitary tax payers are facing the tax vigilance. Most of the taxpayers have already received notices to resolve all brawl regarding their individual tax clearance.

Lower amount of revenues in the Income Tax department is believed to be the reason behind all these. These notices are also forcing the investors to think on the future investments. Most of the targeted firms have now accepted this decision of the Income Tax department as a challenge and they are also ready to file complaints against the notices from the tax department. 

With all the uncertain consequences, all the firms has lost faith in the system and are now looking forward on the upcoming budget and also on Finance Minister, P Chidambram.

The Finance Minister has already done a lot to maintain a balanced in the tax system. Finance Minister postponed the application of the most argued General Anti Avoidance Rules (GAAR). Most of the firms are expecting that the Minister will also remove the illogical fights between the department and them.

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