Government sets up panel to study tax issues on insurance
New Delhi: As part of its continuing efforts to liberalise and set free the insurance sector, the government today appointed a 11-member committee to study taxation issues in the life insurance sector. The expert committee, to be headed by Mr. V.U. Eradi, former Member of Central Board of Direct Taxes (CBDT), will be required to submit a report within four months.

Besides recommending a taxation structure in respect of profits of the life insurance business, the committee will also examine various other aspects of taxation in life insurance, including the prevailing international practices in this regard, an official release said.

The members of the panel are Mr. K.V.M. Pai, Chief Commissioner of Income Tax, Mumbai (II), Mr. A.N. Prasad, Joint Secretary, CBDT, Mr. P.C. Gupta, Executive Director (Actuarial), LIC, Mr. K. Subrahmanyam, Actuary, Insurance Regulatory and Development Authority (IRDA), Mr. Ajit M. Sharan, Joint Secretary, Insurance Division, Mr. Ashwin Parekh and Mr. Y.C. Malegam, both chartered accountants, Mr. Deepak Parekh, Chairman, HDFC and Mr. B.D. Vishnoi, Deputy Secretary (TPL-III), CBDT. Mr. Vishnoi will be the Member-Secretary of the committee.
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Dumping duty on acrylic fibre imports may continue
New Delhi: In what may sound good music to the ears of the domestic manufacturers, the designated authority in the Commerce Ministry has, after a review of definitive anti-dumping duty it recommended on October 14, 1997 on imported acrylic fibre from the US, the People's Republic of Korea and Thailand, decided against removing it, as any such removal would inflict injury to the domestic industry.

The designated authority, in its review exercise finalised on April 19, held that acrylic fibre, originating in or exported from the above mentioned countries has been exported to India below its normal value. This, the authority concluded, would cause material injury to the domestic industry, in case the anti-dumping duty in force is removed. It thus recommended the continuation of the anti-dumping duty on this product from these countries.
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