Keep it less taxing, please

On March 23, 2011, UK Chancellor of the Exchequer George Osborne made a fleeting reference to the Indian tax code in his Budget speech. Embarking on reducing UK corporate taxes from the current level of 28 per cent to 23 per cent by 2014-15 and simplifying its tax structure, Osborne remarked that “our tax code has become so complex that it recently overtook India to become the longest in the world”.

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