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Singh hints at tax recast

New Delhi, Dec. 9: Finance minister Jaswant Singh today said he would take a fresh look at every aspect of the current taxation regime.

Singh made this comment while replying to a discussion in the Lok Sabha on the taxation laws (amendment) bill which seeks to make changes in income, wealth and expenditure taxes.

The bill provides for income-tax exemption on the interest paid by the ship-breaking industry outside India for purchasing a ship abroad for ship-breaking. It also seeks to reduce the rate of tax collection at source on alcoholic liquor, scrap, timber and other forest produce, tendu leaves and to exclude the central and state governments, clubs and embassies from the definition of buyers.

“We will be looking afresh at every aspect of the taxation regime,” Singh said.

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