Why is it important to review corporate tax as requested by the Parliamentary Panel on Finance
Reviewing corporate tax is crucial for maintaining a favourable business environment and promoting economic growth.
- Corporate tax review can ensure that the tax system is fair and competitive, attracting both domestic and foreign investments.
- It helps in stimulating business expansion and innovation by reducing the overall tax burden on corporations.
- Regular tax reviews can identify loopholes and inconsistencies in the system, leading to more efficient tax collection and enforcement.
- Adjusting corporate tax rates can help in balancing the government's revenue needs with the requirements of businesses, thus fostering a healthy economy.
- By examining corporate tax policies, the government can support industries that are vital for national development and sustainability.
Answered
2 months ago