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UKIBC seeks reduction in corporate tax for foreign company branches in India The UK-India Business Council (UKIBC) has sought reduction in India’s corporate tax rates for branches of foreign companies to bring them “at par’’ with domestic companies. In its recommendations to Finance Minister Nirmala Sitharaman for Budget 2021-22, the UKIBC also made a case for reduction in import duties on alcohol and spirits in a phased manner, remove retrospective taxation and raising foreign direct investment limit in defence sector and insurance. In the area of taxation, the UKIBC pointed out that the reduction in the corporate tax rate for domestic companies coupled with the abolition of Dividend Distribution Tax (DDT) created a disparity between the effective tax rates applicable to foreign companies (43.68 per cent) and domestic companies (25.17 per cent).

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