INDIA: Indian budget bitter pill for multinationals as punishing taxes remain
By Chris Brook-Carter | 1 March 2001
Multinational drinks companies operating in India have been dealt a devastating blow by this year's Indian budget, which has failed to reduce the stifling import taxes on spirits and wines, despite significant liberalisation across other sectors. Under WTO rules the taxes on spirits should have been reduced to 150% but the new budget has made no reduction on the present tariff of 221%. Wines will also remain at the current 104%.
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Multinational drinks companies operating in India have been dealt a devastating blow by this year's Indian budget, which has failed to reduce the stifling import taxes on spirits and wines, despite significant liberalisation across other sectors. Under WTO rules the taxes on spirits should have been reduced to 150% but the new budget has made no reduction on the present tariff of 221%. Wines will also remain at the current 104%.
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