Pune: Finance Minister Arun Jaitley on Saturday reiterated the government’s commitment to bring in a “reasonable and globally-competitive tax regime” through reduction in corporate tax rate to 25 per cent over the next four years.
Emphasising that direct taxation in the country has to be “reasonable and globally competitive”, he said he will try to bring down corporate tax to 25 per cent from the prevailing 34 per cent in a staggered manner.
Addressing a meeting of businessmen from the city organised by the BJP city unit here on Saturday evening, Mr Jaitley said: “In direct taxes, we have to be globally competitive. I will try to bring down corporate tax to 25 per cent in next 3-4 years, and the process of reduction will start next year.”
Taking a dig at the previous UPA administration for bringing in the retro tax, Mr Jaitley said this had resulted in many disputes which gave the country “a bad name” among global investors who chose to leave the country.