A moderate tax structure, incentives for research and development (R&D), and skills development are the issues that India Inc’s representatives will raise during the pre-Budget meeting with Finance Minister P Chidambaram on January 8.
Industry bodies like the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (Ficci) and the Associated Chambers of Commerce and Industry (Assocham) will put forth their expectations from Budget 2008-09 at the meeting.
A key element this time is the near-unanimity on tax concessions. On the direct tax front, Ficci has sought a reduction of the existing tax incidence of 42 per cent (exclusive of the fringe benefit tax) by bringing down the corporation tax rate to 25 per cent from 30 per cent. The CII has sought abolition of surcharge on corporation tax.
Source: Business Standard
