Financial Daily from THE HINDU group of publications
Wednesday, Mar 20, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Industry & Economy - Taxation
Government - Policy


Tax on foreign cos to be lowered gradually

Our Bureau


Dr S. Narayan, Revenue Secretary, and Mr Biman Sareen, Regional President, Indo-American Chamber of Commerce, at a luncheon meeting on the Budget 2002-03 with members of the Chamber in the Capital on Tuesday.

NEW DELHI, March 19

THE Government today said that the corporation tax rate on foreign companies would be progressively brought down from the Budgetary proposal level of 40 per cent.

Addressing a post-Budget meeting of the Indo-American Chamber of Commerce here, the Revenue Secretary, Dr S. Narayan also said that the Government would continue with its policy of imposition of special additional duty of customs (SAD) and countervailing duty on some select items to protect the interests of the domestic industry against cheaper imports.

"The CVD and SAD on some select items would continue to remain for our national interest, just as in the US, which keeps its national interest, the first priority," Dr Narayan said.

The Finance Minister, Mr Yashwant Sinha, had in the Budget for 2002-03 announced a reduction in corporation tax rate for foreign companies to 40 per cent from 48 per cent. After the imposition of 5 per cent surcharge, the effective rate of tax for foreign companies under the Income-Tax Act would come to 42 per cent.

Send this article to Friends by E-Mail

Stories in this Section
Rs 2,770-cr surplus in UP Budget


Tariff revision must for profitability, says CESC
US economy & markets: Downside risk remains
Delhi Plan outlay fixed at Rs 4,700 cr
CII seeks steps to speed up reforms
UN food agencies urge more funds to end hunger
Save Nilgiris Campaign to organise summer treks
Roll back fert price hike: Ajit
IMA warning
Diesel consumption takes a dip in Feb
Govt likely to convert part of KPTCL loans into equity
KSEB still in dire straits
APTransco averts grid collapse
Tax on foreign cos to be lowered gradually
Austrian fibre maker upbeat on `modal'
Coimbatore SSIs chary of investments?
ICICI chair at IIM-B
Promoting Kannada in border areas
Jewellers fight shy of `Hallmarking' ornaments
NAC inks pact with CIDB
AP Govt embarks on major housing programme
Asian business gets a powerful voice
Round-table on Indo-Arab ties
Bangalore to host bio-tech meet
OECD study on China, an eye-opener for India
Nabard sanctioning at fast clip
Designs to make people work better
Salary advance to Kerala Govt staff
Drinking water for all in five years: T.M. Jacob
ITCOT meet on call centre business
Thiruvananthapuram Engagements
Bangalore Engagements
More sops for domestic area suppliers likely
Gujarat quake-hit areas -- Duty waiver extended for housing inputs
Parliamentary panel in last leg of stock scam probe


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line