March 10 2000
Meanwhile, the Department of Chemicals and Pharmaceuticals has asked the Finance Ministry to exempt income derived from intellectual property rights based on research undertaken in India from both corporate tax and minimum alternate tax. Acceptance of this proposal would mean that income from the sale or license of new chemical entities or new drug delivery systems developed by Indian companies would be totally tax-free. The department also plans to put in place a package of fiscal incentives including:
Finally, the government proposes to revamp the tax structure for shipping companies in a bid to increase domestic shipping tonnage. The move is expected to be revenue neutral. Under the proposed taxation structure, the corporation tax on shipping companies is to be replaced with a tax on net registered tonnage.
For further information on this topic please contact Rajesh Begur at ARA Law by telephone (+91 22 263 1700) or by fax (+91 22 263 1800) or by e-mail (firstname.lastname@example.org).
The materials contained on this web site are for general information purposes only and are subject to the disclaimer.
ILO provides online commentaries as specialist Legal Newsletters. Written in collaboration with over 500 of the world's leading experts and covering more than 100 jurisdictions, it delivers individually requested information via email to an influential global audience of law firm partners and international corporate counsel. Please click here to register for the service.
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription. Register at www.iloinfo.com.