Sunday, March 02, 2025 | 02:39 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

FPIs get no relief from FM Nirmala Sitharaman on 'super-rich' tax

An increase in the effective tax rate will affect only high net-worth individuals, and according to government policy they should contribute more to nation building, the finance minister said

Nirmala Sitharaman
Premium

Finance Minister Nirmala Sitharaman | PTI photo

Dilasha SethIndivjal Dhasmana New Delhi
The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted as Parliament passed the Finance Bill, 2019, on Thursday.

Replying to a debate on the Bill in the house, Finance Minister Nirmala Sitharaman dismissed the argument of the Opposition that the tax would lead to a flight of FPIs.

“It will have an impact on FPIs registered as trusts. There is an option for FPIs to register as companies. If they are registered as companies, they don't have a problem with this new tax,” Sitharaman said.

She said a trust was treated as an individual entity

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in