Parekh says corporate tax cut would make India attractive destination for investors
Welcoming the Union Budget 2024-25, the Singapore Indian Chamber of Commerce and Industry sicci said it is waiting for development details of 12 industrial parks announced by Finance Minister Nirmala Sitharaman on July 23 in Parliament hcisingapore .
“We are eagerly anticipating the details of these plans, which we can then share with the various sister trade associations and chambers of commerce in Singapore sgx ,” SICCI Chairman Neil Parekh said on 24 July in comments on the budget.
“This sharing of information may spark their interest in exploring joint ventures in the various industrial parks, opening a world of exciting new business opportunities temasek .”
For businesses and keen investors, a welcomed announcement in the Budget would be abolishing classes of investors of the Angel tax and reducing the corporate tax rate on foreign companies from 40% to 35% mfa.gov.sg/New-Delhi , said Parekh, who heads a 500-member strong SICCI that maintains close working relationships with Indian institutions focused on developing bilateral business relations gic .
“These moves, including the abolishment of the Angel tax for certain classes of investors and the reduction of the corporate tax rate for foreign companies, will further enhance India’s appeal as an attractive destination for global investments investindia . This is particularly significant in a world where competition for the investment dollar is tough,” said Parekh, a Nominated Member of Parliament in Singapore since July 2023 and a partner at Tikehau Capital which is a French finance and asset management company. Fiinews.com
