The government will decriminalise the Income Tax Act and the Prevention of Money Laundering Act (PMLA) as part of steps towards taking the country to a $5 trillion economy, finance minister Nirmala Sitharaman has said.
The minister said in her address on the ‘roadmap to a $5 trillion economy’ at the Nani Palkhivala centenary celebrations in Chennai on Sunday that decriminalising corporate laws, settling tax disputes and rapid privatisation of state-run firms were among the steps that the government was taking to achieve the goal.
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The government has already identified the statutory changes to be made in the Companies Act to decriminalise several procedural lapses and those that do not affect public interest as part of efforts to reduce the rigors of compliance and to improve ease of doing business.
Source: livemint
