A new US bill could shake the foundations of India’s $250 billion IT industry. The Halting International Relocation of Employment Act—or HIRE Act—introduced by Republican Senator Bernie Moreno, proposes a 25% outsourcing tax on payments made by US firms to foreign companies. It also eliminates tax deductions on such expenses. The revenue would fund a Domestic Workforce Fund to retrain American workers. For Indian IT giants like TCS, Infosys, Wipro, and HCLTech—who derive over 60% of their revenu
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A new US bill could shake the foundations of India’s $250 billion IT industry. The Halting International Relocation of Employment Act—or HIRE Act—introduced by Republican
Business Today. . A new US bill could shake the foundations of India’s $250 billion IT industry. The Halting International Relocation of Employment Act—or HIRE Act—introduced by Republican Senator Bernie Moreno, proposes a 25% outsourcing tax on payments made by US firms to foreign companies. It also eliminates tax deductions on such ...
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