The ascendency of India as an economic world power

Many foreign companies are now trying to make their position strong in India and Samsung is one of the most visible brands in Indian market today. You can find many advertisements of Samsung products in different TV channels. In fact, Samsung revenue in India has passed $1 billion. The company has also helped to generate a lot of jobs directly and indirectly in Indian economy. Samsung CEO Jong-Yong Yun wants to see a simpler tax system in India so that Samsung can flourish here more.

The Hindu wrote:

Jong-Yong Yun, Vice-Chairman and Chief Executive Officer (CEO) of Samsung Electronics Co. Ltd. of Korea, has suggested India to adopt a simpler tax regime and pave way for a demand-led growth in the consumer electronics field.

In an interview with this correspondent here recently, Mr. Jong-Yong Yun said the ``Indian tax regime is complicated''. At around 33 per cent, the composite tax on consumer electronics products in India was twice that in China, he said. As such, securing market space in India took more time, he said.

Mr. Jong-Yong Yun was here to participate at the inauguration of Samsung's plant at Sriperumbudur.

Indian government officials should take serious note of this matter and make the tax system simpler. India desperately seeks foreign invest for generating millions of jobs for its people. A relaxed tax system would surely help the country a lot in this regard.