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of <h1>Finance Bill 2013-14 Proposes Tax Administration Reforms Commission to Align Tax System with Global Best Practices.</h1> The Finance Bill 2013-14 includes a proposal to establish a Tax Administration Reforms Commission (TARC). Announced during the Union Budget presentation in the Lok Sabha, the Commission's role will be to review tax policies and laws, providing periodic reports aimed at enhancing the tax system's capacity. The Finance Minister emphasized the need for a tax system in line with global best practices, highlighting the Commission as a crucial initiative for an emerging economy.
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