Friday, August 5, 2016
Marc Faber : I know quite a little bit about Taxation
Introduction Of GST Is Positive In General:
Marc Faber, Author, The Gloom, Boom & Doom Report speaks to CNBC-TV18 and states that the introduction of GST is positive in general and that India will continue to outperform a lot of global markets.
Marc Faber : I would like to point out that I know quite a little bit about taxation because I studied under professor who had been the brain behind the introduction of the value added tax (VAT) in Germany under the then minister of finance. I also wrote thesis about the financial reform of Robert Peel who in 1842 introduced an income tax as a permanent measure which was at that time just 7 percent and only levied on income that was very high for that time. So, I have studied taxation and the introduction of the GST in general is positive but I also have to say personally I am against any tax increase. So, if the GST is a tax increase because some states will still impose sales taxes then it is a step backward instead of a step forward. So, there are many details that still need to be known before we can say blanket that its positive or it is negative. What is positive is that at least somebody managed to push through a reform that essentially boost its prestige and its pro reform agenda but the details are not yet known.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
Posted by Nicole Bourbaki