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Government to Reduce Cut of Corporate Tax to 25% to Increase Transparency

The government has proposed to reduce the cut in corporate tax by 5% from the existing 30% and level it off to 25% over a span of 3 years to improve the transparency in collections. India Ratings and research said that this proposal to reduce the cut in corporate tax is to bring a focus on returns based on economics and will help government reduce the incentives they pay forcing low tax paying corporations to increase their taxes by a considerable amount.

 

Some of the largest corporates were found to be paying tax lower than 10%. With the reduction of the cut to 25% over a phased manner, the incentives paid by the government will reduce and the tax outflows will increase

 

The withdrawal of incentives will affect key sectors such as Oil and Gas, Auto, Telecom, Mining, IT & ITES, pharma and healthcare.

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