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Tax won't make super rich leave India, says FM

Finance minister P Chidambaram on Sunday dismissed fears that the 10% surcharge on the super-rich (people with incomes of over Rs 1 crore a year) imposed in the Budget would drive rich people away from the country.

india Updated: Mar 03, 2013 21:59 IST
PTI
Hindustantimes

Finance minister P Chidambaram on Sunday dismissed fears that the 10% surcharge on the super-rich (people with incomes of over Rs 1 crore a year) imposed in the Budget would drive rich people away from the country.

"... Nobody will move anywhere, I assure you," he said. "Nowhere in the world you can afford to employ so many domestic helps. Wellness does not only come from wealth, it comes from host of other services that we have in place."

He also dismissed fears that the surcharge would continue beyond a year, pointing out that, "surcharges have been imposed and have been removed".

The finance minister said a number of non-legislative decisions covering customs, excise, service tax, insurance and banking to promote growth will be announced in Parliament before the passage of the Finance Bill.

Chidambaram said the Budget focussed on legislative areas and the broad agenda. The government was now working on non-legislative decisions. "More announcements will be made and more decisions will be taken" during the reply to the Budget debate in Parliament, he said.

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