Taxing the rich could be counter-productive: Aditya Puri

Taxing the rich could be counter-productive: Aditya Puri
Countering Finance P Chidambaram's idea of taxing rich, Aditya Puri, MD of HDFC Bank said that it could be counterproductive and lead to tax evasion.

Soeaking to the media on the sidelines of a launch of co-branded credit card, targeting the youth, from HDFC Bank and Times Card, Puris said, "If you go back in the last 50 years, in any country, it has proved counter-productive. If you are charging the super-rich more, they know how to do their tax planning and you only lead to an evasion."

Earlier, FM had spoken about taxing the rish and had said, "when the economy requires, government requires more resources, the very rich willingly should pay a little more."

Clarifying that he is neither against the move and nor supporting it, Puri said though it was "a good political move it does not serve any purpose."

Read more about: union budget 2013
Story first published: Tuesday, February 19, 2013, 10:30 [IST]
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