Should corporate tax be cut?

India Inc is eagerly awaiting a cut in the corporate tax rate at par with the rates in leading ASEAN members.

While Indian companies are taxable on their worldwide income here, foreign companies, are taxed on the income from their Indian operations.

The statutory tax rate is 33.66 per cent for Indian companies.  Foreign companies having branch or representative offices in India face a tax rate of 35 per cent now.

The government may lower the tax rate for foreign companies in the Budget to promote more investment in India. Indian companies are also waiting to hear the good news on the tax front.

Do you think the tax rates are too high? Do you think corporate tax should be cut?

Should tax on foreign companies be at par with Indian companies? Tell us your view.