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DTC Code prohibits tax holidays

SEZ Investors are nervous as the change in regime of withdrawing tax holidays from April 2011 made them worried. Several representations are made to government. So far, Rs.1,05,000 crore have been invested in SEZ against just Rs.4000 crore of investment in SEZ in 2005. Now, there is a danger of economic activity moving to other countries. Further the banks have also has an exposure to the tune of Rs.30,000 crore which may turn into NPA’s if these are enforced. It may be noted, SEZ tax concessions are always against the canons of tax equity and fiscal policies do move away from theories in developing countries like India. We have to wait and watch for the monsoon session for the introduction of Direct Tax Code II.

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