Industry & Economy
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Industry Associations
FAPCCI plea to withdraw FBT
Our Bureau
Hyderabad
,
Dec. 8
THE Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) has asked the Union Government to withdraw the Fringe Benefit Tax (FBT) that taxes companies heavily.
In a pre-budget memorandum on direct and indirect taxes submitted to the Government, Mr C.V. Atchut Rao, President of FAPCCI, pointed out that FBT included most of the expenses, which were genuine business expenses.
Alternatively, the Government could impose an additional one per cent tax to cover the FBT. Besides simplifying the compliance rules, it would save corporates from maintaining too many records.
Mr Rao also asked the Government to remove surcharge. "Though the Government reduced corporate tax to 30 per cent, the effective rate works out to 33.66 per cent, taking into account the surcharge and education cess," he said.
While asking for abolition of the concept of Banking Cash Transaction Tax, the FAPCCI President wanted the Finance Minister to at least increase the limit of transaction to Rs 10 lakh.
With regard to indirect taxes, he wanted the Government to withdraw service tax on `job work.'
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