Plans to phase out corporate tax exemptions over the next two years
GN Bureau | November 23, 2015
A process to phase out the corporate tax exemptions over the next two years has been placed before the stakeholders. The policy, which looks to reduce the tax rate, simplify the administration and improve India’s competitive edge globally, may hit the pharma sector.
It may result in discouragement of investment in research and development (R&D) and the special economic zones (SEZ). The policy may have an adverse impact on sectors ranging from infrastructure to information technology (IT).
Meanwhile, industrialist and biotech pioneer Kiran Mazumdar Shaw tweeted that the phasing out of tax exemptions especially those relating to weighted tax deductions in research n SEZ will kill Biotech.
The Govt's proposed phasing out of tax exemptions especially those relating to weighted tax deductions in research n SEZ will kill Biotech— Kiran Mazumdar Shaw (@kiranshaw) November 23, 2015
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