CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Chidambaram Hints At Major Tax Reforms On The Way For India

Chidambaram Hints At Major Tax Reforms On The Way For India

by Lorys Charalambous, Tax-News.com, Cyprus

30 December 2004


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.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »