New effective corporate tax rate shall be 25.17 percent: FM Sitharaman

While addressing a press conference Union Finance Minister Nirmala Sitharaman proposed to slash the corporate tax rate for domestic companies.

To promote growth, a new provision has been inserted in the income tax act with effect from fiscal year 2019-20, which allows any domestic company to pay income tax at the rate of 22% subject to condition they will not avail any incentive or exemptions. The effective tax rate for these companies shall be 25.17 % inclusive of all surcharge and cess.'(ANI)