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FM allays ‘unfounded’ fears on fund outflows

DNMUM439545 | 7/19/2019 | Author : DNA Money Correspondent | WC :742 | Business & Economy

Says no super-rich tax on FPIs registered as companies

Finance minister Nirmala Sitharaman on Thursday sought to allay fears on super-rich tax and defended the increase in the effective tax rate, saying the high net-worth individuals should contribute more towards nation-building.
The Finance Bill 2019, which was passed by Lok Sabha by voice vote on Thursday, proposes to hike the surcharge on individuals earning Rs 2-5 crore by 3% and those earning above Rs 5 crore by 7%, taking the effective tax rate to 39% and 42.7% respectively.
"Foreign Portfolio Investors (FPIs) registered as companies will not be affected by the increase in effective tax rate and, therefore, the fear of flight of FPIs from India is not well-founded at all. Increase in effective tax rate will impact only
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