Union finance minister Arun Jaitley has his work cut out for him. Not only is the government’s overall revenue target likely to slip, the international corporate tax environment is also changing radically, unlike any time in the recent past, placing tax competition front and centre on the international agenda. With the passage of the tax reform package in the US which has sharply brought down the peak corporate income tax (CIT) rate from a high 39.6% to a low 21%, tax competition will be another new worry furrowing the finance minister’s brow in 2018. Read more