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Old 12-08-2013, 07:29 AM
uotgdni8 uotgdni8 is offline
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Government wants the companies to possess enough elbow room in Barbour Jacket Women Uk deciding their CSR activities with no fear of it being seen as a "big brother" watching over them, but these spendings should not treated as an additional tax, Corporate Affairs Minister Sachin Pilot has said.
At the same time, the Ministry would take up the matter with Finance Ministry to determine whether the companies can get tax benefits for their CSR (Corporate Social Responsibility) spendings, Pilot told PTI within an interview. The new Companies Bill proposes that certain companies would need to spend two per cent of profits on Fake Louis Vuitton Uk Bags Sale CSR activities, unless there is a reasonable reason for not doing this.
Expecting "zero noncompliance" by the companies on this front, Pilot said that the government wants to leave it open ended for the corporates to decided on ways in which they would like Nike Lunar Eclipse to conduct their CSR activities. "I think everyone is on board (on CSR). There is no anxiety about government acting as big brother. I'm hoping that Indian economy and society should be able to get from these companies money towards the tune of thousands of crores," he said.
Ruling out any interference in the government's side on the type of CSR activities that a company should follow, Pilot said: "I still find it the responsibility of corporate entities in the country to give back to the community. "In fact, if the government gets Air Jordan 1 Black Toe involved, then there is Mens Nike Free a sense that where has our money gone and what's the end result. It becomes Michael Kors Online Sale difficult to monitor. It might be a tax."
"All we are telling the companies is that it is Barbour Commander Jacket your business, your mining and your manufacturing and therefore it is also your responsibility to build roads, toilets and also to plant trees," the Minister said. "It is the responsibility. We will not tell you how to proceed. We are only telling you to do it and then report. The companies which have Rs 500 crore net worth, or Rs 1,000 crore turnover, or Rs 5 crore net profit qualify for CSR, two per cent of (threeyear average) net gain," he added.
Asked if the companies would get any tax benefits for CSR spendings, Pilot said he would need to speak to the Finance Minister about that and then see what can be done. "As Nike Blazers Uk Sale per the bill, CSR spending Nike Shox Uk Men is two per cent of the profit before tax and therefore a kind of benefit is already available by way of deduction from taxable income. I'll speak to Finance Minister and see what we can do," he said. "When corporates want to spend the money, only then do we should encourage it," he added.
The Minister asserted the government has left "things little bit open ended to ensure Louboutin Shoes Replica that corporates have an elbow room to select what to do". "If we give a mandate, they would say the government is telling us how you can do our charity and contributions. We've given a list Monclerjackets.Co.Uk that is only suggestive," he added.
"What we are telling them is that do projectspecific CSR activities with timelines, but please don't be philosophical in your agenda such as stating that you want to eradicate poverty," Pilot said.
Giving a hypothetical example, Pilot said: "If you're mining in Jharkhand and make profits of thousands of crores and people there are dying of malnutrition, malaria and unhygienic conditions, I think it is necessary (for the companies) to play their part." Pilot recalled someone asking him whether a business can consider teaching as a CSR activity, wherein it was spending Fake Uggs Dublin man hours, but was not money. "I considered honest, I can't give an off the cuff answer, but it is certainly a fascinating concept and we would need to see what additional provisions can be created," Pilot said.
"In the start, I Parajumpers Mens Gobi don't want to categorise the rights and also the wrongs (on CSR) so in the morning. I have left it to them. It is up to the conscience of the companies and if employees are spending some time and doing meaningful work, then that is CSR," he said. "But if a company is trying to avoid spending money and take a bus full of employees for any picnic to a village, then sooner or later, the truth will come out. I'll leave it to their judgement but anything that helps society is CSR. But, something which only gives you selfsatisfaction or supports your religious beliefs is not CSR," Pilot said.
"This is an evolving concept and we have made this law for the first time in the world. I am doing this assuming that all corporates wish to accomplish it. I expect zero noncompliance," he explained. Asked what the government would do if there is noncompliance, Pilot said: "Then we will surely tweak what the law states. But, let us start with an optimistic agenda. "For some reason, when they can't do it, they have to explain. If they're not doing it and not reporting it, then there is a fine," the Minister said.
"There are only two other countries, high is some kind of CSR legislation, though less strong as ours, are Indonesia and France. You want to take everyone on board. A few of the top companies I have met Cheap Polo Ralph Lauren Shirts For Men are already doing great work," Pilot said.
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