PM Narendra Modi declares smooth tax for foreign investors

New Delhi :-Prime Minister Narendra Modi today declared that the disputed retroactive taxation is a thing of the past and this chapter will not be opened again in India, a statement targeted at addressing the concerns of foreign investors over predictability in the tax regime. PM Modi said his government wants to believe that foreign investors are clear about tax formula that will publicist in India over the next 15 years while he addressing the business leaders of France and India in presence of French President Francois Hollande . “Retroactive tax is a matter of past. That chapter will not be opened again. We are ensuring that neither this government nor the future governments can open this chapter,” PM Modi said the India-France Business Summit. “Whosoever makes investment in the country should know about the taxation system in the country over the next five years, 10 years, 15 years,” he said. “India wants to enter the field of defence manufacturing. I assure French companies especially in the field of defence manufacturing that we can do a lot in the area of defence manufacturing.” “We are working towards improving excellent quality of life. We are working on good governance. These are the two initiatives that world is attracted towards,” Modi said. PM Narendra Modi said again that his government was in the process of shifting its railways from diesel to electric mode. “We want to strengthen the rail infrastructure. For 50 metro stations, we want to set up infrastructure and France has the capability (to do it),” he said. Noting that Innovation was France’s biggest strength, Modi said both India and France could work together in this field. Sharing the France President’s concern over terrorism, Modi said that terrorism was a challenge for mankind and it has to be fought collectively by the world. He also appreciated the response of France’s public and media in the result of terror strike and said lessons needed to be learnt from it.