Ficci president Pankaj Patel says India needs to adopt a US-like approach by reducing overall tax burden on Indian companies. During the pre-budget consultations, Federation of Indian Chambers of Commerce and Industry (Ficci) president Pankaj Patel said the Indian government needs to adopt a US-like approach by reducing overall tax burden on Indian companies. Overall, it is expected that this reform proposal would spur economic growth and increase overall tax collections,” he added. Jaitley in his 2015-16 budget had announced the government’s intention to phase out corporate tax exemptions gradually while simultaneously bringing down corporate tax to 25% from the prevailing 30% over the next four years. This aspect has acquired greater focus after the recent US tax proposals for reduction in the corporate tax rate,” he added.

Source: Mint December 06, 2017 21:25 UTC