Competitiveness, not protectionism, is the key to our future: Uday Kotak
1 week, 1 day ago

Competitiveness, not protectionism, is the key to our future: Uday Kotak

Live Mint  

Kotak, who is now 65, stepped down as the managing director of Kotak Mahindra Bank a year ago. In a career spanning nearly four decades, Kotak managed to build a financial conglomerate with total assets worth ₹6.2 trillion, spanning across banking, mutual funds, insurance, stock broking, car finance, investment banking, private equity, and alternative assets. While he avoids all questions on banking, since he is currently serving as the non-executive director on the bank’s board, Kotak is all eager to share his views on privatisation, getting animal spirits back into the economy, risk of over-regulation and Starlink’s entry into the Indian telecom sector. I think there are many Indian companies which have the ability to become global consumer brands. I would say that increasing tax rates for corporates at this stage would be a very wrong signal to bring animal spirits back.

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History of this topic

Budget may make some announcements to enable Global Minimum Tax
6 months ago

Budget may make some announcements to enable Global Minimum Tax

Deccan Chronicle  

The global minimum tax set to take effect in 2025 will have legal and economic ramifications for multinational corporations with an annual global turnover exceeding €750 million. “India being a signatory of the Global Minimum Tax Agreement and the regime set to take effect in 2025, the government will have to bring some enabling provisions and mechanisms in the Budget. …

Ahead of budget, U.S.-India forum urges Nirmala Sitharaman for stable and predictable tax environment
6 months ago

Ahead of budget, U.S.-India forum urges Nirmala Sitharaman for stable and predictable tax environment

The Hindu  

The US-India Strategic Partnership Forum has urged Union Finance Minister Nirmala Sitharaman to ensure a stable and predictable tax environment as she prepares for her annual budget later this month. In a press release by USISPF, the tax forum said that a stable and predictable tax environment is imperative to boost investment sentiment across sectors. "The ensuing budget of the …

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
11 months, 1 week ago

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary

The Hindu  

February 06, 2024 08:19 pm | Updated 09:05 pm IST - NEW DELHI India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25, led by an uptick in the more ‘equitable’ direct taxes, and the government will continue to simplify and rationalise the tax regime to reduce disputes, litigation and intrusive means of enforcement, …

Has India’s corporation tax gamble paid off yet?
1 year, 9 months ago

Has India’s corporation tax gamble paid off yet?

Live Mint  

From being raised to 45% in India’s historic budget of 1991, to now just around half of that, corporate tax rates in India have come a long way and are now indeed more competitive globally. The effective tax rate among Indian companies has now fallen below even the statutory concessional rate, a Mint analysis shows. 26%: Corporate tax's share in …

Tax increase for corporations looks more likely as US election nears
4 years, 2 months ago

Tax increase for corporations looks more likely as US election nears

Live Mint  

On paper, the 21% U.S. corporate tax rate was a permanent cornerstone of the 2017 tax law, a boon to business without the expiration date attached to other provisions. As the election nears, companies are closely examining Mr. Biden’s plans and modeling higher tax rates, said Rohit Kumar of accounting firm PwC LLP. Higher corporate taxes would make it harder …

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur
4 years, 6 months ago

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur

Live Mint  

Minister of state for finance Anurag Thakur on Friday urged business leaders to start investing in the economy taking advantage of the lower corporate tax rate and other measures taken to make life easier for businesses. Thakur said that Indian industry used to talk about lower corporate tax rates prevalent in certain countries. Last September, finance minister Nirmala Sitharaman announced …

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey
4 years, 11 months ago

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey

Live Mint  

The steep cut in corporate tax rate will benefit large companies the most as smaller ones were already paying lower rates, the Economic Survey 2019-20 said on Friday. The pre-Budget Survey, tabled in Parliament, said most of the companies have a gross turnover of below ₹400 crore and are already taxed at the base corporate tax rate of 25 per …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

If India has to grow faster, States have to grow faster: Bibek Debroy
5 years ago

If India has to grow faster, States have to grow faster: Bibek Debroy

The Hindu  

To present the economic slowdown as a binary of structural versus cyclical or demand side-driven versus supply-side driven factors is completely unwarranted, says Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister Narendra Modi. The Finance Minister has said there is going to be a relook at the direct tax rates because the corporate tax rate has come …

Tax breaks necessary but India needs more reforms, says CEA
5 years, 1 month ago

Tax breaks necessary but India needs more reforms, says CEA

Live Mint  

Corporate tax rate cuts are necessary but not sufficient to stimulate investments, for which the country needs more reforms, chief economic advisor Krishnamurthy Subramanian said on Tuesday. “Tax rate cuts are necessary, but are not necessarily sufficient conditions for attracting investments because investors look at after-tax returns,” Subramanian said while arguing for more investments. The government in September announced a …

All macros favouring India, profit-making companies should pass on tax cuts to consumers: Deepak Parekh
5 years, 3 months ago

All macros favouring India, profit-making companies should pass on tax cuts to consumers: Deepak Parekh

Firstpost  

Last Friday, the government slashed corporate tax by almost 10 percentage points as part of efforts to pull the economy out of a six-year low growth rate with a Rs 1.45-lakh crore tax break. New Delhi: Confident about the Indian growth story getting a big boost from the recent corporate tax rate cuts, eminent banker Deepak Parekh has said profit-making …

Corp tax cut may be the beginning of more reforms
5 years, 3 months ago

Corp tax cut may be the beginning of more reforms

Live Mint  

The government last week cut tax rates on corporate incomes. The recent corporate tax rate cuts don’t seem to be an application of supply-side economics, rather an attempt to reform the corporate tax structure. Expert panels had found the corporate income tax system to be in need of reform and advised rate cuts, simplification and removal of provisions that introduced …

Corporate tax cut makes India attractive destination for investment: Guv Das
5 years, 3 months ago

Corporate tax cut makes India attractive destination for investment: Guv Das

Live Mint  

Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment. In the biggest reduction in 28 years, the government on Friday cut corporate tax rate by almost 10 percentage points as it looked to pull the economy out of …

Corporate tax cut makes India an investment destination; to attract foreign firms to set up units: Nirmala Sitharaman
5 years, 3 months ago

Corporate tax cut makes India an investment destination; to attract foreign firms to set up units: Nirmala Sitharaman

Firstpost  

Quoting experts, Nirmala Sitharaman said India is now much better than China in terms of rate, transparency, and tax administration New Delhi: India has become a highly competitive investment destination post-corporate tax reduction as the rates are now lower than that in China and most Southeast Asian countries, Finance Minister Nirmala Sitharaman said on Sunday. India was earlier at disadvantage …

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive
5 years, 3 months ago

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive

Firstpost  

India has finally become tax competitive. Welcoming the move, Frank D’Souza Partner and Leader Corporate and International Tax, PwC India said, “the reduction in the corporate tax rate is a welcome move and makes India attractive for new investments. G Radhakrishna, Chairman and Managing Director of RKEC Projects The announcement of reduction in corporate tax rate is really a big …

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt
5 years, 3 months ago

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt

Op India  

Concerns on taxation front have persisted for a major part of the last two decades. In a joint article with Dr Surjit Bhalla for the Indian Express, we arrived at a figure of 22 per cent as the optimal level of the corporate tax rate. Recently, the Hon’ble minister lowered the tax rate to 22 per cent without the exemptions …

The Hindu Explains | What corporate tax cut means for the Indian economy
5 years, 3 months ago

The Hindu Explains | What corporate tax cut means for the Indian economy

The Hindu  

In its boldest gambit yet to stir up the economy, the government on Friday issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India’s tax rates on par with its competing Asian peers. The story so far: Finance Minister Nirmala Sitharaman on Friday, among other …

Reduction in corporation tax rate welcome, doubtful whether investment will revive: Jairam Ramesh
5 years, 3 months ago

Reduction in corporation tax rate welcome, doubtful whether investment will revive: Jairam Ramesh

India TV News  

Congress leader Jairam Ramesh on Friday welcomed the reduction in corporate tax rate but expressed doubts on whether the step will revive investment. The government's move, he said, does nothing to dispel the fear that pervades India Inc. "A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before …

Tax no more
5 years, 6 months ago

Tax no more

India Today  

Winston Churchill had prophetically remarked: "For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." Those earning less than Rs 5 lakh a year pay no taxes while those in the income range of Rs 5-10 lakh pay 20 per cent tax, plus …

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