Wednesday, May 17, 2006

india reviews tax incentives

The Indian finance ministry has called for comments on a number of direct (i.e., income) tax incentives with an eye toward their future reduction. Under review are a wide range of items, from the tax treatment of gratuities and expense reimbursments to partnership income and income from non-resident bank accounts. The most recent Indian budget estimates that direct tax exemptions cost the Government more than $15 billion per year in lost revenues.


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