Business Daily from THE HINDU group of publications
Sunday, Oct 14, 2007
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Business Daily from THE HINDU group of publications Sunday, Oct 14, 2007 ePaper |
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Industry & Economy
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Taxation Government - Policy Cut sops, waivers to pare corporate tax: OECD Our Bureau New Delhi, Oct. 13 India could bring down its corporate tax rate to 20 per cent, without revenue losses and by reducing the special incentives and many exemptions , the Organisation for Economic Cooperation and Development (OECD) has said. In its recently launched first-ever country report on India, the OECD has said that reduction in extent of numerous exemptions and unifying the accounting and tax treatment of depreciation could create room for further cuts in corporate tax rates. “This would bring India’s statutory and effective corporate tax rates closer to the levels which exist in a number of other emerging economies”, says the OECD report. The Paris-based inter-governmental think tank of 30-rich countries has said that abolishing accelerated depreciation and various area and industry specific allowances would permit the tax rate to be lowered to just below 25 per cent, and perhaps even lower if accounting depreciation were used for tax purposes.
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