Reduction in corporate tax won't benefit poor, says Akhilesh Yadav

Days after Finance Minister Nirmala Sitharaman announced to slash corporate tax rate to 22 per cent from 30 per cent as part of the stimulus measures to revive the slowing economic growth, Samajwadi Party leader Akhilesh Yadav said that the move will not benefit the poor.

"If a farmer's money comes to his account on time and he gets the right price for his farm produce then it will look good. (The reduction in) corporate tax is not going to benefit the poor people," Yadav said while addressing media here.

Bringing in tax cuts and fiscal reliefs through an ordinance, the government had on Friday slashed domestic corporate tax to an effective 25.17 per cent, inclusive of all surcharges and cess, in a bid to promote growth and investments amid economic slowdown.