Azim Premji calls for lower tax rates

Wipro chairman Azim Premji on Tuesday suggested that low tax rates encourage voluntary compliance by tax payers and helps expand the tax base. "Tax collection is best achieved by voluntary compliance. One of the prime drivers for voluntary compliance would be lower tax rates. Lower the rate, lower is the incentive to evade taxes as the cost of evasion would not be commensurate with the cost of compliance," he said. Premji was delivering the keynote address at an event in Bengaluru to mark 158th Income Tax Day. Listen-in. (Text: PTI)