CHENNAI: Tamil Nadu Congress Committee (TNCC) president K Selvapernthagai has strongly criticised Prime Minister Narendra Modi for reducing corporate tax rates for large firms, claiming it serves to bolster their profits. The statement comes in response to Modi’s recent remarks that the BJP government has not favoured corporates.
In a press statement, Selvaperunthagai denounced the BJP-led union government’s decision in 2019 to reduce corporate tax rates from 40% to 22%, resulting in a decline in government tax revenue by Rs 1 lakh crore. He cited an Oxfam report indicating 77% of the country’s wealth is concentrated in the hands of the top 10% billionaires.
Furthermore, the state Congress chief criticised the BJP government’s misuse of the Money Laundering Act, originally intended to combat drug trafficking, to sideline opposition parties. He expressed confidence that the electorate would deliver a decisive verdict in the upcoming election, thereby safeguarding democracy.