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Our Bureau

New Delhi , March 16

THE Indo-American Chambers of Commerce (IACC) has made a case for doing away with the proposed fringe benefit tax.

In a statement, the IACC national President, Mr Ranjit Sen, said that the effect of the imposition of the tax would be similar to that of the levy of expenditure tax in 1997-98 and would have adverse impact on the functioning of normal business.

The IACC has also called for withdrawal of the proposal to levy banking cash transaction tax. The proposed tax, Mr Sen held, would adversely affect all sections of the society. The IACC statement said that such taxes would shake the confidence of the people.

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