Important changes and Impact of COVID-19 on Direct Tax Liability deliberated by experts at PHD Chamber of Commerce and Industry Webinar

No.PR-66 May 12, 2020 New Delhi Important changes and Impact of COVID-19 on Direct Tax Liability deliberated by experts at PHD Chamber of Commerce and Industry Webinar New Delhi, 11th May 2020: COVID-19 has given a challenging time to every industry due to lockdown and the opening of only essential activities. Taxation is the top agenda of any government and organization. To understand the challenges and way forward, PHD Chamber of Commerce and Industry, conducted an interactive Webinar on “Covid-19 Impact on Direct Tax Liability” with Mr. Rohit Jain, Partner, Vaish Associates; Mr. Nicholas Jacob, Partner, Forsters LLP, UK. The objective of the webinar was to discuss the reform measures announced by the government and their impact on trade and industry following by implications on stakeholders of MSMEs and large enterprises and other suggestions which can boost the industry. Mr. Rohit Jain, Partner, Vaish Associates, talked about the other provisions impacting tax liability under pandemic COVID-19. He discussed the proactive measures and circulars given by the government which can help the industry for the direct tax liability. He gave a detailed presentation on the economic challenges faced by the economy, the impact of COVID-19 pandemic on the financial sector, taxation of income, and some suggested relief measures which can support and boost the business and different industries. Mr. Nicholas Jacob, Partner, Forsters LLP, UK, gave a global perspective about the different reforms and measures undertaken in the UK which is helping the industries and economy boost itself during and post COVID-19. He deliberated about the tax and other relief measures taken in the UK and their implications of the industry on a short- and long-term basis. He shared a detailed informative presentation that covered the economic stimulus measures taken by the UK Government, central management and control, taxation administration, and relaxations given to different industries. Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry, in his presidential address mentioned COVID-19 has caused cash crunch, issue of liquidly, and halt in the business activity due to lockdown. While the economy has started to open gradually but it will take time and bounce back. He also said that PHD Chamber of Commerce and Industry has suggested a stimulus package of Rs 16 lakh crore, which accounts for around 7% of GDP that should be announced by the Government sooner than later to mitigate the impact of pandemic COVID-19 on the economy, trade, and industry through various relief measures and benefits. Dr. D K Aggarwal said that we highly appreciate the pro-active steps being taken by different ministries and government. We extend our help and support to the government and your esteemed office by providing our representations on the issues and difficulties being faced by our members and industry partners. He suggested that there are a lot of relief measures to be given by the government like more extension of the dates of filing of taxes and other income tax compliances to another 3 months and other schemes and reforms last dates to be extended or postponed so that industry gets support and can sustain itself in these times. Mr. Pradeep Multani, Vice President, PHD Chamber, gave his concluding remarks and a formal vote of thanks to all the delegates and participants. Mr. Mukul Bagla, Chair, Direct Taxes Committee, PHD Chamber, gave a detailed presentation about the relief and extensions allowed by the government amid pandemic COVID-19. He shared the issues and challenges faced by the industry while also suggesting relief measures and steps to ensure the smooth working of the industry in the country. Mr. Anil Kumar Chopra, Mentor, Direct Taxes Committee, gave a detailed overview of the situation of industry and relief measures given by the government and suggested more measures which can give a boost to the industry and support it. He highlighted that in these challenges’ times, it important for the government to support the industry in the best possible manner. The webinar was moderated by Dr. S P Sharma, Chief Economist and Principal Director and Mr. Mukul Bagla, Chair, Direct Taxes Committee PHD Chamber of Commerce and Industry and were attended by Mr. Saurabh Sanyal, Secretary-General, PHD Chamber and by over 200 delegates including industry players and other industry stalwarts from all across the world. Ends. Media Division PHD Chamber of Commerce and Industry