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FM Sitharaman sees no reason to clarify higher tax on FPIs

Indian markets crashed due to a selloff led by foreign portfolio investors, who now may have to pay higher tax on their income due to the new rules

twitter-logo Reuters   New Delhi     Last Updated: July 8, 2019  | 18:17 IST
FM Sitharaman sees no reason to clarify higher tax on FPIs
File photo: Finance Minister Nirmala Sitharaman was seen addressing a press conference after presenting the Union Budget 2019-20

Finance Minister Nirmala Sitharaman said on Monday there was no need for any clarification on the additional tax burden that could apply to foreign portfolio investors due to higher surcharges introduced by her budget last week.

The government on Friday raised income tax surcharge on people with an annual income of more than 20 million Indian rupees ($291,248.00) who make up the top end of Indian society.

Indian markets crashed due to a selloff led by foreign portfolio investors, who now may have to pay higher tax on their income due to the new rules.

($1 = 68.6700 rupees)

Also read: Union Budget 2019: Nirmala Sitharaman gives no relief to individual taxpayers, disappoints super-rich

Also read: Finance Minister Nirmala Sitharaman to address RBI board on July 8

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