Government seeks to exempt foreign investors from higher tax portfolio: official

NEW DELHI: The government is likely to exempt foreign portfolio investors (FPIs) from a tax increase that was part of the budget approved by parliament but heavily criticized, a government official said Thursday.

The budget provided for higher personal income taxes for those with annual income exceeding Rs 2 crore ($ 283,045).

The official, who refused to be appointed, said the government will issue a notification or an executive order, which could then be submitted to parliament for approval, to exempt the FPIs, mainly registered as trusts, from the increase in the surcharge to super rich contributors