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Tax sops for FDI, pink slips for labour?
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It seems clear that the Indian economy will likely contract this fiscal year, as covid lockdown restrictions crimp business activities and render millions jobless.
Keen to make the best of a bad situation, India’s government is reportedly contemplating a tax holiday for foreign companies bringing in big money to invest here.
According to a report, the Union commerce ministry might even offer a 10-year waiver of all taxes for investments upwards of $500 million, provided these companies start operations within three years from 1 June.
A four-year tax holiday would be offered for investments upwards of $100 million in labour-intensive sectors, followed by a substantially low corporate tax rate of 10% for the next six years.
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