Tax relief on cards? Finance Bill may ring-fence FPIs from 'super-rich tax'

Coming under criticism for the Budget proposal to levy a surcharge on the “super-rich” and its impact on foreign portfolio investors (FPIs), the government will likely ring-fence FPIs from the effects of the tax by tweaking the relevant portion of the Finance Bill.
 

This means the “super-rich tax” stays, but there will now be provisions in the Bill to ensure FPIs structured as a trust don’t feel the effect of it.

The discussion on the Finance Bill is expected to begin in the Lok Sabha later this week.

According to a rough estimate by accounting firms, about 40 per cent