The corporate tax cut will hardly benefit 90% of manufacturing companies

Nearly 90% of manufacturing entities are unlikely to benefit from recent corporate tax rate reductions. About 88 percent of manufacturing companies that have filed tax returns will continue to be taxed at a higher rate.

The heaviest burden will fall on sole proprietorships, which will be taxed at the highest marginal income tax rate, 42.7%, compared to the current corporate tax rate of 25.17%. The gap is even greater with new manufacturing businesses, which will be taxed at 17.2%. Traditionally, new businesses start as sole proprietorships and then structure…




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First published: Monday, October 07, 2019. 9:27 PM IST

Luisa D. Fuller

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