Tag Archives: Super-rich tax

FPIs exempted from super-rich tax

FPIs exempted from super-rich tax

India has quickly rolled back an additional levy on foreign funds and announced several measures to boost economic growth. The Finance Minister, Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above 20 million rupees by about 3%, and for those earning above 50 million rupees by 7%. The tax proposal of higher surcharge on FPIs, along with a lack of measure to boost the economy in the July budget, led to foreigners withdrawing more than $3 billion from Indian shares, putting pressure on stocks and the rupee. Indian markets went down about … Read more