Budget 2024: FM Reduces 5 Percent Corporate Tax On Foreign Companies

Budget 2024: FM Reduces 5 Percent Corporate Tax On Foreign Companies

Promises to promote investment and foster employment

While presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman has announced reducing the corporate tax rate on foreign companies from 40 percent to 35 percent. This will attract foreign capital for the country’s development requirements.

The government has addressed the issues of the Indian start-up ecosystem to boost the entrepreneurial spirit and support innovation. This was done while proposing a simpler tax regime for the shipping companies operating domestic cruises in the country.