Financial Daily from THE HINDU group of publications
Monday, Mar 07, 2005
Financial Daily from THE HINDU group of publications Monday, Mar 07, 2005 |
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Opinion
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Letters FBT concerns
The Finance Minister is being criticised for the introduction of Fringe Benefit Tax (FBT). In my opinion, the concept of FBT is good although the modalities thereof need to be fine-tuned. FBT attempts to address a widespread phenomenon in the domestic corporate sector, wherein a part of the benefits provided to the employees, particularly to the senior management, is actually shown as business expenditure and thus escapes taxation at the hands of the beneficiary. For example, office cars are employed for personal uses and in many cases to a substantial extent. I sincerely hope the FM will not yield to pressure and remove the FBT. However, he should also look into ways to take out genuine business expenditure from such a tax burden. Suman Chowdhury Bangalore
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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