« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Congestion surcharge is no tax, says govt... Manufacturing tops tax provision list... » Reduce corporate taxes to attract more investments: KPMG December, 03rd 2007 With the Finance Ministry initiating the process of budget preparation, global consultancy KPMG said India will have to reduce its corporate taxes to woo more foreign investors into the country. "By 2010, some sort of softening is expected in the corporate taxes in India as the current level of growth demands a lower tax regime," KPMG's Global Head of Tax Loughlin Hickey told reporters here. Hickey said according to a study held by KPMG, among 18 leading economies, India has been ranked third facing pressure from its tax regime. As per the study, countries are experiencing pressure from various tax functions such as documentation requirements, higher level of accuracy, regulatory compliance requirements and time compression in financial reporting. Hong Kong has topped the list, followed by Canada. India, which has become a prominent investment destination in the last decade, will have to reduce the corporate tax rates in the next three years, Hickey said. "They (India) want to attract more investors. Obviously, that will happen, only if the taxes are reduced," he said. India has an estimated Rs 3 lakh crore target for 2007-08 and is understood to have registered a 41 per cent jump in the collection of corporate taxes so far this year. In the pre-budget consultation, Industry representatives have reportedly asked government for a cut in corporate taxes to 25 per cent from the current 33.9 per cent. Hickey also said only a lower and simple tax system can bring in better-compliance from tax payers. "If you want to develop more compliance in the tax system, you will have to lower the rates as well as make the process much simpler," Hickey said. This apart, the introduction of tools like PAN has also helped in tax compliance, he said.