Maximum city needs to carve ultra-low tax zone to better compete at global level: Jay Kotak The 31-year-old Kotak said attracting capital is very important for the financial capital's future and suggested carving out a small area within the city which will have lower taxation rates. Share Via Email | A+A A- By PTI MUMBAI: An ultra-low taxation alternative needs to be given to local companies to help the financial capital compete better with cities like Dubai and Singapore, Jay Kotak, son of veteran banker Uday Kotak, said on Wednesday. The 31-year-old Kotak, who works as an associate vice president at Kotak Mahindra Bank, said attracting capital is very important for the financial capital's future and suggested carving out a small area within the city which will have lower taxation rates.