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*Citizens over 80 years to have exemption limit of Rs 5 lakh.* To reduce surcharge on domestic companies to 5 percent from 7.5 percent. 6033 Issued in May 1997 NBER Program(s): Productivity, Innovation, and Entrepreneurship Over the last 20 years, the success of Japanese manufacturing firms has brought renewed attention to the importance of cost reduction on existing products as a source of productivity growth.
* A new revised income tax return form 'Sugam' to be introduced for small tax papers.
* To raise minimum alternate tax to 18.5 percent from 18 percent ( Read story ) * Direct tax proposals to cause 115 billion rupees in revenue loss * Service tax rate kept at 10 percent * Customs and excise proposals to result in net revenue gain of 73 billion rupees * Iron ore export duty raised to 20 percent *Nominal one per cent central excise duty on 130 items entering the tax net.
The relevant data collected were analyzed, using simple percentage and tested using chi-square.
The result of the analysis revealed that there is a significant relationship between cost control and reduction; cost control and reduction have a positive impact on the quality of goods produced and services rendered by maintaining the quality of goods and services rendered; with the adoption of cost control and reduction, all forms of extra budgetary spending has been reduced and unnecessary expenses eliminated; adoption of cost control and reduction cant pose a threat to employees and there is a direct relationship between cost control, reduction and profit.
Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
*Peak rate of customs duty maintained at 10 per cent in view of the global economic situation.In recent economic down turn it becomes more important to make cost reduction program a major initiative in industry.Companies are finding it difficult to retain people and are laying off people which is unprecedented in recent history of industrial recession .This research work borders on the impact of cost control and reduction on the profitability of manufacturing companies in Nigeria.Data used for the work were collected from both primary and secondary sources.The main result is that the determinants of cost reduction differ markedly between firms which had employee involvement programs in 1988 and firms that did not.The two groups of firms achieved equal amounts of cost reduction, but did so in very different ways.Knowing how to implement effective cost reduction strategies can be the determining factor in the survival of a business.A good manager understands the importance of cost reduction to the health of a company that is bloated expense accounts can eat up profits quickly.Companies have to develop its own cost reduction program for savings without cutting jobs.Cost reduction measures hence need to be exploded in right earnest, not restricted to half-hearted cost savings measure of economizing just on administrative costs of conveyance, staff welfare, stationery and telephone, but should be backed up with harsh cost saving measures in all major areas.