September 20, 2019 / 8:00 AM / 3 months ago

India cuts effective corporate tax rate to 25.17% to revive investment

FILE PHOTO: India's Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) Governor Shaktikanta Das arrive to attend the RBI's central board meeting in New Delhi, July 8, 2019. REUTERS/Anushree Fadnavis/File Photo

PANAJI, India (Reuters) - Finance Minister Nirmala Sitharaman announced a slew of measures on Friday to revive sagging investment in Asia’s third largest economy, including a cut in corporate taxes.

Sitharaman told a news conference that the effective corporate tax rate will be lowered to 25.17% from 30%, which she said would be at par with Asian peers.

The government also scrapped the minimum alternative tax for domestic companies.

Reporting by Manoj Kumar; Writing by Aftab Ahmed; Editing by Sanjeev Miglani

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