Transport Secretary of United States Anthony Foxx was part of the team that inspected aviation regulator DGCA before upgrading India's air safety ranking to Category-1.
The Transport Secretary of United States Anthony Foxx, who was part of the team that inspected aviation regulator DGCA before upgrading India's air safety ranking to Category-1 spoke exclusively to CNBC-TV18's Sajeet Manghat about the upgrade and the US Transport Bill that proposes to tax the overseas income of American companies.
Below are the excerpts from the conversation:
There are two significant issues that are good examples of why this shift has been made to Category-1 status. One has to do with the number of inspectors and the training around those inspectors that has been enhanced significantly over the last year. In addition to that there are certification processes that we felt needed to be stronger and a year later they are and therefore India has Category-1 status. It is not a political decision, it is a technical decision and the speed with which this occurs is the product of the work by the Indian government and of course we lent as much technical assistance as we could because we wanted to be helpful if we could be but our objective, they are not political and this is something the Indian government earned.
By now there are USD 1 to 2 trillion of untaxed corporate earnings overseas of US companies and right now if any of those companies try to bring those proceeds back over, they are going to be taxed at basically a 35 percent rate. Our proposal would actually require one time charge against all those untaxed corporate earnings at a 14 percent rate which is lower than the current effective rate on that so frankly our proposal would allow companies to clean up their books, be done with it forever in terms of the existing earnings overseas at a lower rate than they would have if they tried to bring them over today.
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