Picture for illustrative purposes only. ARCHIVE

India has reduced taxes on foreign companies to attract more investments from abroad, India’s Finance Minister has announced. “The rules and regulations for both Foreign Direct Investment (FDI) in India and overseas investment by Indians will be simplified to facilitate foreign investments, nudge prioritisation, and promote opportunities for using the Indian Rupee as a currency for overseas investments,” Nirmala Sitharaman said in Parliament on Tuesday. Under the tax price cut, foreign companies will now be paying five percent less on corporate tax, with the new rate at 35 percent. “We are trying to bring in ease of doing business in India,” Sitharaman said. “In every sector where there was only 26 percent foreign direct investment allowed, we raised it to 49 percent and then wherever possible, we have raised it to 74 percent.” The Finance Minister said there has been a consistent and continuing effort to relax the government’s policies to attract FDI. “In that process, we are willing to do further simplification,” she said. WAM/ICA/Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page