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ICC seeks cut in corporate tax

Our Bureau

Kolkata , July 1

THE Indian Chamber of Commerce (ICC) has suggested that the corporate tax rate be reduced to 30 per cent and also urged that the surcharge be abolished.

In a pre-budget memorandum submitted to the Union Finance Minister, Mr P. Chidambaram, ICC has stated that the cumulative burden of taxes was sapping the resources of companies, which could be invested for further growth.

The chamber has urged the sick units under the Board for Industrial and Financial Reconstruction scheme should be exempted from capital gains tax on sale of land and real estate. The chamber has stated that incentives for savings beyond an income of Rs 5 lakh should be provided and the rate of service tax needs to be brought down from present levels.

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