PNB Housing's effective tax rate to come down by 8-9%

PNB Housing Finance on Monday said the company's effective tax rate will come down by 8-9 percentage points following the government's decision to slash corporate tax rate. For 2018-19, the effective tax rate of PNB Housing Finance on consolidated basis was 31.30 per cent. On September 20, Finance Minister Nirmala Sitharaman announced slashing the basic corporate tax rate for domestic companies to 22 per cent from 30 per cent. The effective tax rate for domestic companies reduced to 25.17 per cent from 34.94 per cent inclusive of surcharge and cess. "Considering the tax reductions per the announcement, the expected reduction in the effective tax rate for PNB Housing can be anywhere between 8-9 per cent," it said in a regulatory filing.