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Citing US-Middle East, ASSOCHAM urges cut in corporate tax in pre-budget memorandum

Updated: Dec 09, 2017 10:29:04am
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Citing US-Middle East, ASSOCHAM urges cut in corporate tax in pre-budget memorandum

New Delhi, Dec 9 (KNN) With the finance ministry holding consultations with different industry bodies during the pre-budget meet, industry body Associated Chamber of Commerce and Industry of India urged considering lower corporate tax in the upcoming budget.

Citing possible number, ASSOCHAM urged for a reduction up to 25 per cent in the corporate tax to encourage investments from both domestic as well as international investors.

Making comparison with countries including United States of America, Singapore and countries in the Middle East, ASSOCHAM batted for a lower corporate tax structure saying that it will make the business ecosystem in the country more attractive.

Commenting over the rising prices of essentials, ASSOCHAM raised that the senior citizens and salaried employees are affected at the thrust of the high prices.

Demanding a consideration along these lines, ASSOCHAM urged the finance minister to consider exemption limits for senior citizens and the salaried employees to ensure inclusive support.

The industry body also appealed for a reduction in the Dividend Distribution Tax rate in the forthcoming budget.

Echoing the concerns shared by the other sectors that participated in the meeting, ASSOCHAM said that the complication the newly rolled out Goods and Services Tax (GST) have put on stress on sectors particularly the Micro, Small and Medium Enterprises (MSMEs) sector.

Urging for a well monitored mechanism, ASSOCHAM said that it is required both to ease complication as well as to ensure that the power in the hands of the implementing offices isn’t misused by the officers, preventing reconstitution of the inspector raj system in the economy. (KNN/DA)

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