A spokesman for the visiting U.S. industrialists told Pressmen here today that the “high taxes” levied by the Government of India both on company and personal incomes would not be a major factor in deciding on further American investments in India. The major factors were business stability and business prospects and these were pretty good in India, he added.
Today, the US businessmen went into the details of the Indian economy and taxes with officials of the finance ministry and the members of the Central Board of Revenue. The subjects they discussed included tax and high dividends, deposits in Indian banks, the provision of working capital for the growing needs of industries by banks, the utilisation of PL 480 funds without causing undue inflation, the working of the capital issues department and the premium to be charged.
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