India’s Finance Minister P Chidambaram has indicated that the next government budget may contain “massive tax reforms” with the goal of simplifying the tax system, raising the level of saving and fostering investment.
In an interview in the Indian press, Chidambaram highlighted the need for India to raise hundreds of billions of dollars in investment to fund an overhaul of the country’s infrastructure, outlining an agenda which will see a paring back of both direct and indirect taxes.
"We are trying to have a growth-oriented and inclusive budget that cannot leave any section,” Chidambaram hinted when speaking to the Press Trust of India.
He went on to add: “You must be different in a substantive way. You will have to wait for the exercise to complete. Keep the tax structure simple, but it should also be revenue generating.”
However, the Finance Minister stressed that moves to widen the country’s tax base must continue in order to ensure that those who are able to pay tax make a contribution to the system.
According to Chidambaram an expansion of the tax net is more likely to take place in the corporate sector rather than the personal income tax system.
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