Bloomberg Tax
Oct. 7, 2022, 8:27 AM

Indian Car Makers Propose Import Tax Cut in Deal With UK: Rtrs

Gabriela Mello
Gabriela Mello
Bloomberg News

Indian automakers proposed lowering to 30% the tax rate on imported cars as part of a trade deal with Britain, Reuters reports citing people familiar with the matter it didn’t identify.

  • The Society of Indian Automobile Manufacturers, a lobby group known as SIAM, wrote to the government supporting phased tax rate cuts over five years, the story adds
    • Import taxes currently vary from 60% to 100% in India and, according to Reuters, are among the highest in the world
  • Signing of the deal with Britain is expected by the end of the month
  • SIAM and India’s Commerce Ministry did not ...