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TMI BlogReforms in Tax Rates - tax rates of the major countries of AsiaX X X X Extracts X X X X X X X X Extracts X X X X ..... Reforms in Tax Rates - tax rates of the major countries of Asia - News and Press Release Dated:- 27-2-2016 - News - The details of the tax rates of the major countries of Asia have been taken from the KPMG Report on Global Rates, 2015 and are mentioned below: Country Corporate Individual Income Afghanistan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 ----- Bangladesh 27.5 30 China 25 45 India 34.61 33.91 Japan 33.06 50.84 Kazakhstan 20 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Malaysia 25 25 Pakistan 33 --- Singapore 17 20 Srilanka 28 24 In view of above, the Indian tax rates for direct taxes are higher than the average tax rate among Asian countries. As far as Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irect Taxes are concerned, tax to GDP ratio during Financial Year 2014-15 was 4.4%. Tax rates are higher because of exemptions and deductions provided for in the Income Tax Act, 1961 . Taking into account the revenue foregone on account of these exemptions and deductions, the effective rate of corporate tax works out to be around 23%. Proposal to bring reforms in tax rates to reduce the bur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... den of tax payers is under consideration of the Government. In the Budget Speech 2015, it was stated that the Corporate Tax rate would be reduced from 30% to 25% over the next four years along with phasing out of exemptions and deductions. This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha. - News - Press release - P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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