The Economic Affairs & Taxation Panel of Confederation of Indian Industry (CII)- Coimbatore Zone organized the 2nd Edition of Compliance Conclave on 25th April, 2019 in the Residency Towers.
This program included discussions about Income Tax, Companies Act, GST and Cyber Security. The Chief Guest of this program was V.S.Kumar, IRS, Commissioner of Income Tax.
In his Welcome Address, R.Varadarajan, Chairman, CII Coimbatore Zone stated that it is expensive to be compliant to the law but it’s even more expensive if companies remain non-compliant. He suggested that if India wants to economic prosperity then we need to align with global practices and abide by the standardized laws of our country. A matured society does not need anyone to enforce the law on it, he stated and extended that alignment with the laws of the land and business world are essential.
He welcomed everyone and assured that the expert-panel of speakers would illuminate the gathering.
G.Karthikeyan, Convenor, Economic Affairs & Taxation Panel, CII Coimbatore Zone highlighted the theme of the program. He threw light on several Indian and International MNCs which have tried to be non-compliant to the rules of their land and global trade policies and how they paid more in fine than they evaded by fraudulent or evasive practices. He emphasized why complying to laws are important to fair trade and also highlighted the challenges in complying. For instance, in the past, it was mandatory for companies with a capital of Rs.10 crores or more to appoint a full time company secretary. However, as of late it has been made compulsory for all business companies to appoint a full time company secretary if the capital value of the company is Rs. 5 Crores or more. This has led to the shortage of qualified company secretaries and many are in demand. The KYC Norms are also a challenge to companies.
He stated that the consequences of not being compliant are heavier and suggested everyone to make god use of the speakers and get their questions clarified.
In his Inaugural Address, V.S.Kumar, IRS, Commissioner of Income Tax said that India is known for its adherence to law from time immemorial. He professed that all the codes in trade are just a way of making us sure that we follow a proper systematic behavior.
He briefed two types of compliance to the audience: Regulatory Compliance and Internal Compliance. The former is about Tax, Statutes, Legal framework etc while the latter is about a code the company sets for itself. He said once we adhere to the rules, we start to build confidence for ourselves and for our clients, employees, the public, investors and stakeholders.
Compliance will nullify the element of suspicion while non-compliance will add it. He stated that men carry a banner of not just their company but their country and if they act rogue when it comes to following regulations, then it would reflect on the integrity of his nation on a global scale.
Before concluding he said that compliance to rules should be intrinsic.
A.S.Thirumoorthi, Co-Convenor, Economic Affairs & Taxation Panel, CII Coimbatore Zone proposed Vote of Thanks. Following this several speeches on Income Tax, Companies Act, GST and Cyber Security ensued.