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India Sees Huge Increase In Corporate Tax Collection

by Lorys Charalambous, Tax-News.com, Cyprus

05 July 2005

Corporate tax collection in India rose by 166% in the year to June 23, 2005, according to new finance ministry figures released last week.

The government's figures showed that R9,079 crore (R90.79 billion, US$2.1 billion) was collected by the government in corporate tax in 2004/2005.

Officials reported that this figure reflected advance taxes, but did not include fringe benefit tax, which will figure in September's collection figures.

However, the ministry also reported that income tax collections declined over the year by 29% to R7,091 m against R9,987 m due to a rise in the income tax exemption limit to R100,000, the restructuring of tax bands in this year's budget and a rise in refunds.

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