BUDGET
Propose to cut corporate tax on foreign cos to 35% from 40%
This story was originally published at 20:24 IST on 23 July 2024
Register to read our real-time news.Informist, Tuesday, Jul 23, 2024
--Fin secy: Tax cut on foreign cos to bring parity with corporate tax
--BUDGET: Propose to cut corporate tax for foreign cos to 35%
--BUDGET: To cut corporate tax on foreign cos to 35% from 40%
NEW DELHI – Finance Minister Nirmala Sitharaman today proposed cutting the corporate tax rate on foreign companies from 40% to 35% in a bid to attract foreign capital to meet India's development needs.
Currently, domestic companies and foreign companies are taxed in different slabs. The cut in corporate tax for foreign companies in the Union Budget for 2024-25 (Apr-Mar) was an attempt to bring some parity with domestic companies in terms of taxation, Finance Secretary T.V. Somanathan said at a post-Budget press conference today.
Sitharaman had cut the corporate tax rate for domestic companies in September 2019 to 22% from 30% to give comfort to the Indian corporate sector. The reduced taxation was on the condition that they would not avail any exemption. As a result, the effective tax rate after the cess and surcharges applicable, came down to about 25% from the 35% earlier. End
Reported by Priyasmita Dutta
Edited by Tanima Banerjee
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
