No targeting of FPIs; higher tax on all super-rich: Finance Ministry

Sitharaman had in the Budget proposed to increase the surcharge, charged on top of the applicable income tax rate for the super-rich

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Budget news: Amid a backlash from foreign portfolio investors over the new tax, the government Tuesday said it is not targeting FPIs by raising tax on super-rich individuals, and foreign investors have an option to convert into a corporate entity to avail of lower rates available to such category.

Finance Minister Nirmala Sitharaman in her maiden budget hiked the surcharge on income tax paid by super-rich individuals.

However, some 40 per cent of the FPIs automatically come under the higher tax rate as they have been investing as a non-corporate entity such as trust or...read more

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