Corporate Tax Cut

Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22

Corporate tax collections exceeded 3 per cent of the GDP after a gap of two years in 2021-22, reflecting overall improvement in profitability of India Inc propelled by increase in demand for goods and services. However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19. In actual terms, the net corporate tax collection in 2021-22 stood at Rs 7.12 lakh crore. The Gross Domestic Product (GDP) at current market price was Rs 236.64 lakh crore. The percentage of net corporate tax to GDP worked out to be 3.01 per cent. An analysis of five-year data of corporate tax collection as a percentage of GDP showed that the ratio was the highest in 2018-19. The net corporate tax collection stood at Rs 6.63 lakh crore or 3.51 per cent of GDP. The mop up and ratio slipped to 2.77 per cent of GDP in 2019-20 on account of reduction in corporate tax rate. In the biggest reduction in 28 years, the government cut corporate tax rates for new ...

S Korea's National Assembly passes 2023 budget, cuts corporate tax

It marks the first time in three years that the budget was decreased by the parliament

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

Finance ministry rejects 15% benign corporate tax in DESH Bill

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

Tax collections to continue rising trend in coming months, say experts

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

Britain sends investors fleeing with historic tax cuts and borrowing

Pound slides below $1.11 for first time in 37 years

Cong questions govt over corp tax cut resulting in negative revenue impact

The Congress on Tuesday questioned the BJP government over corporate tax cut leading to a revenue loss of Rs 1.84 lakh crore while the middle-class was charged at the peak rate of 30 percent.

After parliamentary panel report, Cong targets 2019 'Howdy Modi' event

After the parliamentary panel put out different claims in its report on loss due to corporate tax cut, Congress targeted Centre alleging that the decision was taken just 2 days before 'Howdy Modi'

Historic global corporate tax deal nears as G-7 seeks agreement on tech

Finance ministers of the bloc close in on a deal to jointly support a minimum corporate tax rate of at least 15%.

Corporate tax reduction helped economy: FM Nirmala Sitharaman

Besides, Sitharaman pointed out that the Central government did not increase taxes last year or this year

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

$150-billion prize in sight for global talks on minimum corporate tax

Alongside negotiations on a global minimum rate, the OECD is working on a system to divide up between governments the rights to tax multinationals

India likely to benefit from global minimum 15% corporate tax pact: Experts

India is likely to benefit from the global minimum 15 per cent corporate tax pact by the world's richest nations and the country would continue to attract investment, tax experts said on Sunday.

US Treasury proposes 15% minimum tax on global corporate profits

The US Treasury Department said that it supports a global minimum corporate tax rate of at least 15% below the 21% minimum it has been seeking to impose on the foreign profits of US-based companies

Statsguru: 6 charts explain how corporate taxes help govts globally

A look at select countries - four advanced economies, three emerging markets and India - shows the extent to which corporate taxes help governments

Making of Bidenomics

The idea of a global minimum tax rate has merits

US offer on global corporate tax deal would tie levies to revenue

OECD is trying to forge a deal among 139 countries on its plan by this summer

Unleash animal spirits to put economy on recovery path: FM tells India Inc

Asks rating agencies to be mindful of relative spending spree of economies

77% of CEOs feel cut in interest rate didn't benefit them: Survey

The survey sought responses from 100 corporate executives.