Starting from the current fiscal year, any domestic company has the "option to pay income tax at the rate of 22%" as long they do not seek any special tax incentives, the minister said in the western city of Panaji where officials are also considering lowering sales tax on 20-25 products.
The American Vaping Association on Friday slammed Walmart for halting sales of e-cigs while continuing to stock combustible tobacco products. According to Politico , the government is drafting a bipartisan bill which is to ban vaping flavors other than tobacco, as well as to apply existing tobacco taxes to vaping products and launch a campaign describing the health risks posed by e-cigarettes.
In June, after Iran shot down an American surveillance drone, Trump initially endorsed a retaliatory military strike then abruptly called it off because he said it would have killed dozens of Iranians. Mahdi al-Mashat, head of the Houthis' supreme political council, which runs rebel-held areas in Yemen, said the group is waiting for a "positive response" from Saudi Arabia.
The minister also said companies opting for 22 per cent income tax slab would not have to pay minimum alternative tax (MAT). Rajnish Kumar, Chairman of SBI said that the large reduction in corporate taxes across the spectrum of all companies is perhaps the boldest reform in the last 28 years.
Asked what the outcome of an American or a Saudi military strike on Iran would be, Zarif said "an all-out war ". Earlier, media reports referred to unidentified drones hovering over Al-Bukamal and surrounding areas controlled by Iranian forces and its allies in eastern Syria.
A Prasanna, head of research at ICICI in Mumbai, said the move would boost investment and employment. The unexpected tax cuts come after the Reserve Bank of India , the central bank, announced a $24bn payout to the central government in August and Governor Shaktikanta Das cut interest rates four times in 2019 to a nine-year low.