Business Standard

Sunday, January 12, 2025 | 07:58 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Govt move to notify GICs as fin services at IFSC to spur MNC investment

Govt move will boost job creation, give a leg-up to social infrastructure in and around Gift City

International Financial Services Centre, IFSC,  dividend distribution tax ,DDT,tax issues, PwC India, IFSC investors,Union Budget
Premium

The entities will enjoy a tax holiday of 10 years, which companies can choose from within a block of 15 years | Illustration by Ajay Mohanty

Ashley Coutinho Mumbai
The government’s move to notify global in-house centres (GICs) as financial services at the International Financial Services Centre (IFSC) – set up at the Gujarat International Finance Tec-City (GIFT City) – may prompt several foreign banks, asset managers and insurance companies to set up subsidiaries there.
 
On Friday, the government notified GICs – service delivery operators that are typically in low-cost geographies – as financial services within the GIFT City. This will allow multinational corporations (MNCs) to set up subsidiary firms at the IFSC to serve their global operations.
 
The entities will enjoy a tax holiday of 10 years, which

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