Toyota halts India expansion, blaming ‘we don’t want you’ taxes3 min read . Updated: 15 Sep 2020, 05:37 AM IST
- In India, motor vehicles including cars, two-wheelers and sports utility vehicles, attract taxes as high as 28%
- Toyota, one of the world’s biggest carmakers, began operating in India in 1997
Toyota Motor Corp. won’t expand further in India due to the country’s high tax regime, a blow for Prime Minister Narendra Modi, who’s trying to lure global companies to offset the deep economic malaise brought on by the coronavirus pandemic.
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