<p>Industry lobby Assocham Sunday said any higher taxes on the super rich will affect business sentiment in a time of economic slowdown.<br /><br /></p>.<p>Backed by a corporate sector survey, the chamber said that instead of higher taxes for the rich, the government should focus more on high growth.<br /><br />"The focus and public debate should shift from 'more tax on super rich' to 'super growth'," Associated Chambers of Commerce and Induastry (Assocham) said.<br /><br />The majority of companies surveyed said the government should emphasise on better tax administration, reduction in non-plan public expenditure and improvement in quality of governance.<br /><br />"The industry expects Finance Minister P. Chidambaram to give a growth-oriented Budget which would promote investment and revival of the economic sentiment," said Assocham president Rajkumar Dhoot.<br /><br />Of the survey respondents, who included 85 CEOs and senior executives, 61 percent said that higher taxes levied on the super rich would affect business sentiment as it would act as a disincentive on wealth and value creation.<br /><br />The remaining companies were not averse to the tax on rich if it is a short-term levy in the form of a surcharge for one or two years at the most, said Assocham.<br /></p>
<p>Industry lobby Assocham Sunday said any higher taxes on the super rich will affect business sentiment in a time of economic slowdown.<br /><br /></p>.<p>Backed by a corporate sector survey, the chamber said that instead of higher taxes for the rich, the government should focus more on high growth.<br /><br />"The focus and public debate should shift from 'more tax on super rich' to 'super growth'," Associated Chambers of Commerce and Induastry (Assocham) said.<br /><br />The majority of companies surveyed said the government should emphasise on better tax administration, reduction in non-plan public expenditure and improvement in quality of governance.<br /><br />"The industry expects Finance Minister P. Chidambaram to give a growth-oriented Budget which would promote investment and revival of the economic sentiment," said Assocham president Rajkumar Dhoot.<br /><br />Of the survey respondents, who included 85 CEOs and senior executives, 61 percent said that higher taxes levied on the super rich would affect business sentiment as it would act as a disincentive on wealth and value creation.<br /><br />The remaining companies were not averse to the tax on rich if it is a short-term levy in the form of a surcharge for one or two years at the most, said Assocham.<br /></p>