Corporate Tax Could Be Cut to 25% Earlier Than Expected: Revenue Secretary
Nov 02, 2015: This can be good news for the Corporate World. According to Revenue Secretary Mr. Hasmukh Adhia, Government can cut corporate tax by 5 per cent from 30 to 25 per cent very soon before a deadline of 4 years. The finance ministry is also preparing a roadmap for ending corporate tax exemptions shortly.
Corporate Tax is also known as Company Tax. This tax is imposed on the income or capital of some legal entities of the country.
In February, Finance Minister Mr. Arun Jaitley had presented the annual budget and announced that the government would deliberately cut the corporate tax by 5 per cent during next four years and roll back several tax exemptions.