English | دری

India’s New Finance Minister to Clarify Tax System

in International Business

India’s New Finance Minister to Clarify Tax System

Palaniappan Chidambaram, who recently took charge of India’s finance ministry amid the economic slowdown, has pledged to take steps to revive confidence in the Indian economy by clarifying tax laws and boosting investment.

“Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary will provide great assurance to investors.”

Indian government in one of its latest budget proposals had asked for allowing retrospective taxation, a move that received major criticism. The law would discourage investors to invest in the country.

Mr. Chidamabaram said the government would undertake policy easing measure in an attempt to bring the borrowing costs down for businesses and consumers.

India, Asia’s third largest economy, expanded at its slowest growth rate of 5.3% since 2003.

The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 8%, citing rising consumer prices as the main reason behind the decision.

India’s growth forecast for the current financial year is lowered to 6.5% from 7.5%.



Related Articles

Eurozone risks spillover to China

The International Monetary Fund says that the Eurozone crisis is a key external risk to China’s growth. China‘s economy is

EU asks WTO to settle row with China on ‘rare earth’ minerals

The European Union has asked the World Trade Organization (WTO) to arbitrate in a dispute about China’s restrictions on rare

Japan’s Trade Deficit Widens amid Dwindling Demands from China and Europe

Japan’s exports fell 8.1% from the previous year, widening the trade deficit much more than the economists had predicted. The

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.