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Economy

Finance minister Nirmala Sitharaman says government cuts corporate tax to 22%, ends MAT to revive economy

Updated : September 20, 2019 01:06 PM IST

Finance minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent for domestic companies provided they will not avail exemptions or incentives and 15 percent for new domestic manufacturing enterprises as part of a raft of measures to boost economic growth.
She said, "The total revenue foregone due to the relief provided stands at Rs 1.45 lakh crore per year."
Sitharaman also said companies who announced buyback before July 15 will be exempt from buyback tax.
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