India likely to Overtake UK as Favored Investment Destination

India may soon overtake Britain as a favored investment destination
in the world unless Chancellor Alistair Darling cut taxes in its budget.
This is accordingly to a survey by a leading consultant agency.

Businessmen here have demanded a radical overhaul of corporate tax.
Thousands of people of Indian origin are keenly awaiting the budget
amidst reports that non-domicile residents in Britain are expected to
be taxed 30,000 pounds.

In its report, the consulting firm recalled that in its European Attractiveness
survey for 2007, UK had been overtaken by India and Russia and equaled
by Poland. Chris Sanger, Head of Tax Policy at the firm, said that other
countries and regions in Europe have stolen a march on the UK by offering
fiscal incentives and tax breaks that are proving to be a great success.

Although Gordon Brown as Chancellor announced the reduction in the main
rate of corporation tax from 30% to 28% from next month, many would
argue that is just not enough to make the UK a competitive place to
do business. The Confederation of British Industry (CBI) said that the
UK had now reached a tipping point.

Photo: Tarpan at Howrah Bridge, Kolkata, India by Sourav Mondal, licensed under CC BY-SA 4.0, via Wikimedia Commons.