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India Cuts Corporate Tax in $20 Billion Boost to Growth (2)

Sept. 20, 2019, 6:30 AM

India cut tax on local businesses to one of the lowest rates in Asia, while providing a more than $20 billion boost to revive economic growth from a six-year low.

Tax on all domestic companies will be lowered to 22% from a base rate of 30% currently, Finance Minister Nirmala Sitharaman said Sept. 20. The effective new rate will be 25.2% including all additional levies and is applicable only for companies.

The new tax structure is effective from April 1, 2019. New companies formed from Oct. 1 will attract a base tax rate of 15% and effective rate of 17.01%, ...

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