India’s Finance Minister Nirmala Sitharaman on Sept. 20 announced a cut in the corporate tax rate from 30% to 22% for all companies.
Separately, any new manufacturing company incorporated in the country after Oct. 1 will have the option to pay 15%. A government panel recommended a cut to 25% for all companies as part of a major overhaul of the decades-old tax code, an official told Reuters in August.India’s benchmark stock index rose around 5% in midday trade on the news.
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