Facing huge fiscal deficits and coalition-government pressures, India’s new Indian Finance Minister Palaniappan Chidambaram is refusing to grant requested tax concessions to the country’s auto industry. But in his budget for the next nine months, he does grant a 150% tax deduction for technology and research and liberalized depreciation rules on plants (from 25% to 40%). He also promises rationalization of the tax system in future budgets. Nevertheless, the auto industry’s wish list ...
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