Murthy for corporates foregoing tax waiver

Infosys Chairman N R Narayana Murthy today called upon corporates to forego the benefit of wealth tax waiver and set an example in ethical behaviour.

Speaking at a meeting organised by CII on ethics in business, he said the business leaders had to adhere to ethical behaviour if they were to race ahead of others.

Indian tax rates were one of the lowest in the world, he said. "Wealth tax has also been rationalised and there is also no tax on dividends. Several of us get tax exemptions that we definitely don't need or deserve," he said.

"We pay taxes in Singapore, in the US, in every other country. But we don't want to pay taxes in our own country. I think it is silly. We as corporate leaders must stand up to say that this is not correct," he said.

He said in a country where 300 million people earn less than one dollar a day, it is not fair, he said.

Narayana murthy however seemed to defend the business men when asked why they were not as forthcoming as corporate leaders elsewhere in the world when it came to philanthrophy.