Coimbatore: The Economic Affairs and Taxation Panel of CII Coimbatore Zone organized the Compliance Conclave at Coimbatore to create awareness among the CII members on the changing laws of taxation.
Coimbatore: The Economic Affairs and Taxation Panel of CII Coimbatore Zone organized the Compliance Conclave at Coimbatore to create awareness among the CII members on the changing laws of taxation. The objective of the conclave is to discuss in-depth about the latest updates on compliance regulations and standards, government enforcement initiatives and share case studies on how to implement a successful compliance program.
R Varadarajan, Chairman, CII Coimbatore Zone and Director of Rajeshree Sugars welcomed the gathering. He said that the cost of non-compliance of any law is much higher than the cost of compliance and that every company should adhere to compliance laws.
G Karthikeyan, Chartered Accountant and Convenor, Economic Affairs and Taxation Panel, CII, narrated incidents of non-compliance across the globe, as well as in India that resulted in huge penalties and prosecutions. He expressed the growing need for business entities to comply with the frequently changing laws and regulations as major tax reforms are being introduced in the recent past. "It is pertinent to be aware that non-compliance not only attract penal provisions but also prosecution provisions. The perspective of the Government is changing by placing trust on tax payers but at the same time the non-compliants are taken to task even to the extent of prosecution. The ever-increasing obligations of regulatory compliance are presenting a new breed of challenges for organizations across several industry sectors," stated Karthikeyan.
Chief Guest V S Kumar, Commissioner of Income Tax (TDS) inaugurated the program and educated the participants on the importance of compliance. He said, "Compliance in the long run will effectively help a business to succeed by building a positive public image and consumer trust. Compliance need not be considered only for tax laws but also in everyday life. Such programs will not only enhance the awareness for compliance of various laws but also ensures business continuity is not affected because of non-compliance."
Kumar complimented taxation panel for 'compliance' saying it is all about making sure we follow the rules. He further said, "Compliance benefits are enhancing customer and investor confidence, achieving improved operations, higher employee retention and managing competition. Regulatory compliance is important in the everyday life of both clients and companies. As a company, having the right regulatory compliance practices benefits your employees, customers and the reputation of your business. It makes good business sense."
A S Thirumoorthy, Co-Convenor, Economic Affairs and Taxation Panel, CII Coimbatore Zone proposed the vote of thanks. CII members and members from the industry participated in the event.
R Varadarajan, Chairman, CII Coimbatore Zone and Director of Rajeshree Sugars welcomed the gathering. He said that the cost of non-compliance of any law is much higher than the cost of compliance and that every company should adhere to compliance laws.
G Karthikeyan, Chartered Accountant and Convenor, Economic Affairs and Taxation Panel, CII, narrated incidents of non-compliance across the globe, as well as in India that resulted in huge penalties and prosecutions. He expressed the growing need for business entities to comply with the frequently changing laws and regulations as major tax reforms are being introduced in the recent past. "It is pertinent to be aware that non-compliance not only attract penal provisions but also prosecution provisions. The perspective of the Government is changing by placing trust on tax payers but at the same time the non-compliants are taken to task even to the extent of prosecution. The ever-increasing obligations of regulatory compliance are presenting a new breed of challenges for organizations across several industry sectors," stated Karthikeyan.
Chief Guest V S Kumar, Commissioner of Income Tax (TDS) inaugurated the program and educated the participants on the importance of compliance. He said, "Compliance in the long run will effectively help a business to succeed by building a positive public image and consumer trust. Compliance need not be considered only for tax laws but also in everyday life. Such programs will not only enhance the awareness for compliance of various laws but also ensures business continuity is not affected because of non-compliance."
Kumar complimented taxation panel for 'compliance' saying it is all about making sure we follow the rules. He further said, "Compliance benefits are enhancing customer and investor confidence, achieving improved operations, higher employee retention and managing competition. Regulatory compliance is important in the everyday life of both clients and companies. As a company, having the right regulatory compliance practices benefits your employees, customers and the reputation of your business. It makes good business sense."
A S Thirumoorthy, Co-Convenor, Economic Affairs and Taxation Panel, CII Coimbatore Zone proposed the vote of thanks. CII members and members from the industry participated in the event.