Page 2 - Corporate Tax Cut
Tax collections to continue rising trend in coming months, say experts
The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong
 "Tax collections to continue rising trend in coming months, say experts")
Britain sends investors fleeing with historic tax cuts and borrowing
Pound slides below $1.11 for first time in 37 years
 "Britain sends investors fleeing with historic tax cuts and borrowing")
Cong questions govt over corp tax cut resulting in negative revenue impact
The Congress on Tuesday questioned the BJP government over corporate tax cut leading to a revenue loss of Rs 1.84 lakh crore while the middle-class was charged at the peak rate of 30 percent.
After parliamentary panel report, Cong targets 2019 'Howdy Modi' event
After the parliamentary panel put out different claims in its report on loss due to corporate tax cut, Congress targeted Centre alleging that the decision was taken just 2 days before 'Howdy Modi'
 "After parliamentary panel report, Cong targets 2019 'Howdy Modi' event")
Historic global corporate tax deal nears as G-7 seeks agreement on tech
Finance ministers of the bloc close in on a deal to jointly support a minimum corporate tax rate of at least 15%.
 "Historic global corporate tax deal nears as G-7 seeks agreement on tech")
Corporate tax reduction helped economy: FM Nirmala Sitharaman
Besides, Sitharaman pointed out that the Central government did not increase taxes last year or this year
 "Corporate tax reduction helped economy: FM Nirmala Sitharaman")
Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT
More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued
 "Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT")
$150-billion prize in sight for global talks on minimum corporate tax
Alongside negotiations on a global minimum rate, the OECD is working on a system to divide up between governments the rights to tax multinationals
 "$150-billion prize in sight for global talks on minimum corporate tax")
India likely to benefit from global minimum 15% corporate tax pact: Experts
India is likely to benefit from the global minimum 15 per cent corporate tax pact by the world's richest nations and the country would continue to attract investment, tax experts said on Sunday.
 "India likely to benefit from global minimum 15% corporate tax pact: Experts")
US Treasury proposes 15% minimum tax on global corporate profits
The US Treasury Department said that it supports a global minimum corporate tax rate of at least 15% below the 21% minimum it has been seeking to impose on the foreign profits of US-based companies
 "US Treasury proposes 15% minimum tax on global corporate profits")
Statsguru: 6 charts explain how corporate taxes help govts globally
A look at select countries - four advanced economies, three emerging markets and India - shows the extent to which corporate taxes help governments
 "Statsguru: 6 charts explain how corporate taxes help govts globally")
Making of Bidenomics
The idea of a global minimum tax rate has merits
 "Making of Bidenomics")
US offer on global corporate tax deal would tie levies to revenue
OECD is trying to forge a deal among 139 countries on its plan by this summer
Unleash animal spirits to put economy on recovery path: FM tells India Inc
Asks rating agencies to be mindful of relative spending spree of economies
 "Unleash animal spirits to put economy on recovery path: FM tells India Inc")
77% of CEOs feel cut in interest rate didn't benefit them: Survey
The survey sought responses from 100 corporate executives.
 "77% of CEOs feel cut in interest rate didn't benefit them: Survey")
Will consider corporation tax rate benefit extension: FM Sitharaman
Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.
 "Will consider corporation tax rate benefit extension: FM Sitharaman")
Tax cut widens gap between high fliers and laggards in corporate earnings
A back of the envelope calculation suggests that these top 10 companies cumulatively saved nearly Rs 10,000 crore in taxes in the last two quarters.
 "Tax cut widens gap between high fliers and laggards in corporate earnings")
Corporation tax cut to benefit 1% firms, SMEs paying lower tax: Eco Survey
With economic slowdown resulting in slippages in direct and indirect tax collections, the Survey said the next financial year is expected to pose challenges on the fiscal front
 "Corporation tax cut to benefit 1% firms, SMEs paying lower tax: Eco Survey")
After two years of relief, govt to feel corporation tax pinch in FY20
The cut in the rates for companies not availing exemptions, and new manufacturing units, will hit the exchequer by Rs 1.45 trillion by the government's own admission
 "After two years of relief, govt to feel corporation tax pinch in FY20")
Corporate earnings may worsen in Q3, but profits could get tax-cut boost
Banks, OMCs are expected to bring most of the incremental growth
 "Corporate earnings may worsen in Q3, but profits could get tax-cut boost")
