The Commerce Ministry starts working towards the restoration of taxes
The Commerce Ministry has been working towards the restoring tax benefits to the special economic zones as well as removal of the import restrictions on gold for next year’s budget. The Secretary of the Commerce Ministry said on Wednesday that they have been making some important discussions with the Finance Ministry for the withdrawal of the minimum alternate tax as well as the dividend distribution tax on the SEZs.
All the import duties on gold will be brought down and normalcy should be restored in the import procedures according to the Commerce Ministry. This is because of the present account deficit is lower compared to the previous year.
Kher has also added that bringing down of import duties and normalizing the methods of operating the scheme of gold imports which have been so controversial are going to be a part of the Budget this year.
On the other hand the SEZ Act which was passed in the year 2005 promised a tax holiday for 5 years on profits. This will be followed by removal of profits within the next 5 years as well.
Source – Amiti Sen
50 per cent exemption on profits, Commerce Ministry has made a strong pitch for restoration of tax, Commerce Ministry is also in favour of bringing down import duties, commerce ministry pitches for restoring tax benefits
