INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman on Friday announced the government's decision to scrap the higher tax surcharge on foreign portfolio
An increase in the effective surcharge on the super rich implemented as part of the Finance Bill 2019 also applied to foreign portfolio
proposal pertaining to foreign portfolio investors
investors came after capital market participants and foreign institutional investors presented a charter of demands to the Finance Minister
Those demands includes a rollback of surcharge on FPIs, in a bid to shore up investors' sentiment.The Ministry of Finance also decided to
withdraw he enhanced surcharge on short- and long-term capital gains arising from transfer of equity shares."In order to encourage
investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance Act, 2019 on long/short term
capital gains arising from transfer of equity shares/units referred in section 111A and 112A," MS Sitharaman said.The implementation of
markets also witnessed sharp declines after the government announced imposition of higher tax surcharge on FPIs
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