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Tax Holidays Set to Expire;
IT Biggies Worried
Tuesday, May 26, 2009,
Siliconindia News Bureau
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Bangalore: With the tax holidays which India's $40 billion IT
industry has been enjoying so far under the Software Technology Parks
of India (STPI) scheme set to expire by March 2010, top Indian
software exporters like Infosys and Wipro have cautioned investors
about a potential impact on their profitability because of higher
tax rates.
"Our net income would decrease if the government of India imposes
additional taxes or withdraws or reduces tax benefits or other
incentives," India's third biggest software company Wipro said in a
recent regulatory filing with the U.S. Securities and Exchange
Commission (SEC).
During past few years, Indian exporters have made significant tax
savings under the STPI scheme, which allows them to enjoy tax
holiday for a duration of ten years. For instance, these tax
incentives resulted in a decrease in Infosys' income tax expense to
the extent of $325 million and $282 million for fiscal 2009 and
fiscal 2008.
"Few of our STP units have already completed the tax holiday period
and for the remaining STP units the tax holiday will expire by
fiscal 2010," Infosys said in its regulatory filing with SEC.
"In the event that the Government of India or the government of
another country changes its tax policies in a manner that is adverse
to us, our tax expense may materially increase, reducing our
profitability," Infosys added.
According to experts such as Partha Iyengar, head of research at
Gartner India, any ambiguity around extension of STPI scheme could
impact India's attractiveness as an outsourcing destination. "STPI
is an important and critical issue to be addressed; hopefully the
new government will do it soon. They need to rationalise the SEZ
scheme and provide more clarity on tax incentives. Many of our
customers are not sure if they should move their captive operations
to SEZs, etc., because of lack of clarity," Iyengar said.
The special economic zone (SEZ) policy of the government provides
five-year tax holiday for the IT units, followed by gradual taxation
after the fifth year.
In the case of Wipro this is the second warning they are sending out
to their investors in a row. Previous day, the company had warned
the investors that the disclosure in January by World Bank that
Wipro is ineligible to work with the bank, would affect their
business. |
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