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Finance Minister Nirmala Sitharaman (C) and Krishnamurthy Subramanian (R), chief economic adviser pose during a photo opportunity outside their office before the presentation of the federal budget in the parliament in New Delhi, India, July 5, 2019. REUTERS/Anushree Fadnavis/Files
PANAJI, India (Reuters) – Indian 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 25.75% 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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