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Our Bureau

Chennai, March 5

Stability of tax structures and modification in FBT in the Budget should ease the pressure on tax planning and compliance, according to Mr Vishwavir Ahuja, Managing Director and CEO, Bank of America, India.

The reduction in peak custom duty rates to 12.5 per cent will encourage greater international and regional trade and help integrate domestic cost structures to global levels.

The Budget had little to offer to the financial sector although the creation of a single corporate bond market, extension of NDS-OM to the other financial market segments and enhancement of investment limits by FIIs in Government and corporate paper were positive measures for the money markets. There could have been some more focus on deposit mobilisation. Overall, the Budget represented continuation of the progressive steps and should therefore support economic activity and growth.

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`Little to offer to financial sector'

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