NRI pitch for tax removal
NRIs have made a strong case to withdraw the controversial FBT tax in the upcoming budget.india Updated: Feb 21, 2006 13:21 IST
Non-Resident Indians have made a strong case for withdrawing the controversial Fringe Benefit Tax in the upcoming budget, besides liberalising insurance, pension and the FDI regime especially in the retail sector.
Asked by PTI about their expectations from the coming budget, NRIs in several countries also demanded a single window system to attract investment from overseas.
"I expect the Finance Minister to heed to the industry plea and withdraw the Fringe Benefit Tax, which was the major irritant in an otherwise well received Budget a year ago," leading entrepreneur and Hinduja Group President G P Hinduja said here.
United States India Business Council President Ron Somers said in Washington that the council will continue to press for opening up partially closed sectors and make the case for initial openings in areas that have been completely closed like professional services.
"Already we have seen one announcement in the opening of the retail sector. It has been extremely encouraging and we are hopeful that in the next few days we will see announcements regarding the opening of the insurance sector to 49 per cent. That was promised a year ago and we are waiting patiently," Somers said.
Calling for a one-point contact or a single window for processing projects in infrastructure, construction and other major areas, Consortium of Indian Industries in Malaysia Chairman Umang Sharma said, "Let there be a friendly and efficient approach. No investor wants to run from pillar to post looking for information in a foreign country."