Sitharaman said the 15% corporate tax rate for new domestic manufacturing firms announced in September was “amongst the lowest in the world". For other domestic firms not availing of any tax breaks, the rate was cut from 30% to 22%. The minister said in her written response to another question that India’s corporate tax rate is lower than that of most nations in South-East Asia such as the Philippines, Indonesia, Myanmar and Malaysia. “The stimulus by the corporate tax cut is expected to have a multiplier effect on the economy. Fresh investments into India are expected to not only result in new job creation but also lead to increased incomes and hence increased tax collection in the medium-to-long-run," said the minister.