R Chandrasekaran Reaction on Budget 2012
DSIJ Intelligence / 16 Mar 2012
“The IT services industry that was looking forward to stability, consistency and simplicity in policy making was served a mixed bag.
For the industry, which has been looking for greater clarity in transfer pricing, the move by the Finance Minister to implement the Advance Pricing Agreement is a serious recognition of the importance of cross-border trade in a globalized economy and would usher in greater tax certainty for foreign investors in the coming years. This, along with the phased move towards the Direct Taxes Code, is a welcome development and a move towards stability in tax structure.
However, the ‘retrospective amendments’ made are poised to introduce significant uncertainty and increase the cost of doing business in India.”
R Chandrasekaran,
Group Chief Executive, Technology & Operations, Cognizant
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