An Indian government panel has recommended cutting the corporate tax rate to 25% from 30% for all companies and scrapping surcharges on tax payments, an official said on Tuesday, part of a major overhaul of the six-decades old tax act.

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25% from 30% for companies with annual sales of up to 4 billion rupees.

The panel headed by Akhilesh Ranjan, a member of the central board of direct taxes, delivered its report to Sitharaman on Monday. It was not made public and a finance ministry spokesman declined to comment on its contents.

“The committee has said the government should move away from surcharges on income and reduce corporate tax to 25%,” the source who declined to be identified told Reuters.

India imposes a 30% corporate tax rate on domestic companies and 40% on foreign firms, plus a 4% health and education surcharge on total tax payments.

It also charges a surcharge of 12% for domestic companies and 5% for foreign companies if their taxable income exceeds 100 million rupees, according to Deloitte, a global tax consultancy.