cent makes India fastest growing G20 economy as structural reforms and low commodity prices provided a strong growth impetus. The OECD further said relatively high corporate tax rate makes it difficult to attract more foreign investment. "To increase India's attractiveness, the distribution dividend tax should be replaced by a traditional withholding tax system, which may be reduced by tax treaties, and the non-resident corporate tax rate should be lowered to the resident rate," it added. "The government's efforts should thus be pursued to help boost investment and growth. The OECD also suggested establishment of an independent fiscal council as it would improve the government's credibility and accountability in dealing with fiscal issues.

Source: dna February 28, 2017 05:37 UTC