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India looks to exempt foreign portfolio investors from higher taxes: Government official

File photo. Photograph:( AFP )

Reuters New Delhi Aug 08, 2019, 03.33 PM (IST)

India is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticised, a government official said on Thursday.

The budget provided for increased personal income taxes on those with an annual income of more than 20 million rupees ($283,045).

The official, who declined to be named, said the government will either issue a notification or an executive order, which could be later submitted to parliament for approval, to exempt the foreign portfolio investors, mainly registered as trusts, from the increase in surcharge on super-rich taxpayers

Story highlights

The budget provided for increased personal income taxes on those with an annual income of more than 20 million rupees ($283,045).