Ficci tax recipe

New Delhi, Aug. 21: The Federation of Indian Chambers of Commerce and Industry (Ficci) today proposed a slew of tax reforms, including the abolition of the fringe benefit tax (FBT). ?Tax reforms have become imperative as India faces new challenges due to increasing cross-border trade, proliferation of free-trade agreements and WTO commitments to promote trade and commerce,? it said. Regarding FBT, the chamber said the government?s intention has been to move towards the Asean level of tax rates and none of the countries in the region has FBT. Ficci also suggested lowering of the corporate tax rate to around 25 per cent.

Dena Bank

New Delhi, Aug. 21: The government is unlikely to infuse fresh capital in Dena Bank. However, it will allow the bank to raise funds through the preferential issue.

BSNL wi-fi

Chennai, Aug. 21: Bharat Sanchar Nigam Ltd is planning to introduce high-speed Internet services ? wi-fi ? in 15 cities across the country with 300 ?hot spots? soon, Union communications and IT minister Dayanidhi Maran said today.

A-I move

Mumbai, Aug. 21: Air-India is considering the option of taking legal action against 12 pilots working with its low-cost carrier, Air-India Express, who have submitted their resignations for joining a private airliner.

Icra forecast

Mumbai, Aug. 21: Slowdown in advanced economies may lead to a weaker export growth in India during 2005-06, although the pace of domestic expansion is expected to remain moderate, rating agency Icra said.