“Deducting Corporate Tax is an effective reform to attract and boost more investments” says Nirmala Sitharaman

The Rajya
Sabha has returned the Taxation Laws (Amendment) Bill, 2019, after approving it
as passed by the Lok Sabha.

Replying to
the discussion in the Upper House, Finance Minister Nirmala Sitharaman said, deducting
the Corporate Tax remains an effective reform measure to attract more
investments.

She said,
the amendments in the taxation laws as predicted in the Bill have more
provisions and clarifications than the Ordinance that was publicized earlier.

The Minister
denied allegations that the amendments are aimed at helping big corporate and
said the Corporate Tax refunds as provided for are applicable to all the companies
registered under the Companies Act including the MSMEs.

Ms
Sitharaman clarified that the new tax refund is extended to only new companies
so as to attract fresh investments to the country.