Assocham seeks 30-year tax exemption for solid waste plantsDecember 7th, 2008 - 5:55 pm ICT by IANS
New Delhi, Dec 7 (IANS) An industry lobby Sunday urged the government to extend income-tax exemption for all solid waste processing projects to 30 years from the current 10 years to encourage corporate sector to invest in waste recycling technologies.”There is an urgent need to mobilise corporate sector to invest in waste recycling technologies. The entrepreneur who takes up these social projects basically invests in a very risky venture from the point of view of return on investment,” D.S. Rawat, secretary general of the Associated Chambers of Commerce and Industry (Assocham), said in a representation to the finance ministry.
The chamber has also pitched for extension of capital subsidy by the government against capital cost of solid waste processing projects to an extent of 20 percent.
Projects of this nature should also be exempted from levy of service tax, fringe benefit tax and other taxes such as excise and local levies, said the industry lobby.
Such plants should also be given funding support at subsidised interest rates as the issue of global warming and disposal of solid waste are becoming more focused in the sense environmental concerns, it added.
Tags: chambers of commerce, chambers of commerce and industry, finance ministry, fringe benefit tax, income tax exemption, recycling technologies, risky venture, social projects, waste plants, waste processing