France has a corporate tax of 31% to 33.3%; Germany also a similar net corporate tax rate; corporate taxes in the USA and Canada are around 30%, while in Brazil this is at 34%. That’s a mind-boggling sum — it is more than the Union Budget for this year (Rs 47 lakh crore)! But this is just the visible part of the total loan waivers given to the country’s super-rich. This too must be of the order of several lakh crore rupees (the actual amount is not known). States direct taxes, indirect taxes and total taxes exclude States’ share in Central taxes as reported in Central Government Budget documents.

Source: The Hindu May 14, 2024 07:23 UTC