Surcharge on some FPIs to stay, says Smt Nirmala Sitharaman, Honl. Finance Minister : TOI
Dear all,
Your association SIMA is forwarding herewith an article published in Times of India, Mumbai Edition on dated 19.07.2019.
As per the article, the government on Thursday stuck to its stand on levying a surcharge on some foreign portfolio investors (FPIs), with Hon'ble Finance Minister Smt. Nirmala Sitharaman making it clear that this class of overseas investors had the option to restructure their operations to lower the tax burden.
Replying to the debate on the finance bill in Lok Sabha, Sitharaman said FPIs functioning as trusts could consider being registered as companies.In her maiden Budget presented to Parliament on July 5, Sitharaman had levied a surcharge on the super rich — those earning between Rs 2 crore and Rs 5 crore. The move had hurt FPIs who are faced with the prospect of a rising tax burden. The financial markets had also reacted negatively to the move. PLEASE CLICK HERE TO VIEW THE ARTICLE.
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
