Govt slashes corp tax rates to boost investments ...Middle East

The govt on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17% and offered a lower rate to 17.01% for new manufacturing firms to boost economic growth rate from a six-year low. Finance Minister Nirmala Sitharaman said the reduction in tax rates has been done by promulgating an ordinance to an amendment to the Income Tax Act.

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