Assocham pitches for a reduction in corporation tax rates cut

The Assocham president also called for setting up development financial institutions, exempting securities held for at least three years from long term capital gains tax among other issues

Industry body Assocham has called for reduction in corporation tax rates to 20 per cent from the current 30 per cent for large corporate and to 15 per cent from 25 per cent for micro, small and medium  enterprises in the next five years at a time when the government has not met its earlier promise of reducing the tax rate for every corporate. 

Chamber president B K Goenka said any such move will enable more and more investments to flow in the country and help manufacturing get a kick start in the economy. 

Goenka said the US is drawing huge investments