ICAN- International Common Assessment Number: The need of the hour

Dr. G.V. Satya Sekhar

Abstract


When   there is a system of international financial reporting system (IFRS) is much in discussion, why the policy makers are not thinking for ICAN( International Common Assessment Number) in place of PAN (Permanent Assessment Number)as in the  in case of assessees in India.    In this situation, any individual’s income earned any where in the world can become  under a common tax planning tool.

The government of India has agreements with most other nations that determine how multinational companies are taxed. In other words, the tax treaties attempt to avoid the double-taxation that would occur if two nations taxed the same income. Since transfer prices represent revenue to the upstream division and an expense to the downstream division, the transfer price affects the calculation of divisional profits that represent taxable income in the nations where the divisions are based. Further, double taxation avoidance agreements also helpful for monitoring and control of fraudulent affairs in the corporate world. In this context, this paper is intended to examine the significance of uniform assessment system in the entire world and need for common assessment number.

 


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DOI: http://dx.doi.org/10.5296/jpag.v2i3.1025

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