26 November, 2019
Syllabus subtopic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
News: The Finance Minister introduced two Bills in the Lok Sabha viz International Financial Authority Bill, 2019 and the Taxation Laws (Amendment) Bill, 2019,
Prelims and Mains focus: About the details of the Bills introduced and their significance
Context: It was noticed that many countries, the world over, had reduced corporate income-tax to attract investments and create employment opportunities, thus, necessitating the need of similar measures in the form of reduction of corporate income-tax payable by domestic companies in order to make Indian industry more competitive. Therefore, it was felt that a fiscal stimulus through reduction of corporate income-tax rate of domestic companies may be provided so as to attract the investment, generate employment and boost the economy of the country.
International Financial Authority Bill, 2019
Taxation Laws (Amendment) Bill, 2019
Source: Indian Express
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