US-India Tax Forum Suggests Tax Reforms for Budget 2024-25
The US-India Tax Forum has recommended several tax reforms for the upcoming Union Budget 2024-25. These suggestions aim to ensure fair taxation for both domestic and foreign players in various sectors.
Key Recommendations
The forum, which includes 350 member companies, has highlighted the need for a stable and predictable tax environment to boost investment sentiment. Some of the key recommendations include:
- Simplifying the capital gains tax structure to reduce compliance burdens.
- Rationalizing custom duty rates to make the import of critical supply chain components cost-effective.
- Enhancing the ease of doing business by simplifying tax rates and tariffs.
Statements from Key Figures
Tarun Bajaj, Chairperson of the US-India Tax Forum, emphasized the importance of targeted reforms in direct taxes and customs policies to enhance India’s economic partnerships globally. He mentioned that these initiatives are crucial for fostering a conducive business environment and strengthening bilateral economic ties.
USISPF President and CEO, Dr. Mukesh Aghi, stated that multinational corporations are looking forward to stable tax policies, robust infrastructure investments, and innovative incentives in the upcoming budget.
Upcoming Budget Presentation
The Union Budget 2024-25 will be presented by Finance Minister Nirmala Sitharaman on July 23. This will be her sixth budget speech, surpassing the record set by former Prime Minister Morarji Desai.