In the Union Budget presented today, the Finance Minister Arun Jaitley has proposed Tax Incentives for International Financial Services Centres.
Transfer of derivatives and certain securities by non-residents exempted from capital gains tax
Non-corporate taxpayers operating in IFSC to be charged alternate minimum tax at concessional rate of 9% at par with minimum alternate tax applicable for Corporates.
In order to promote trade in stock exchanges located in International Financial Services Centre (IFSC), the Union Finance and Corporate Affairs Minister Arun Jaitley proposed to provide two more concessions for IFSC.
Presenting the General Budget 2018-19 in Parliament here today, Shri Jaitley proposed to exempt transfer of derivatives and certain securities by non-residents from capital gains tax.
Further, the Finance Minister added that non-corporate taxpayers operating in IFSC shall be charged Alternate Minimum Tax (AMT) at concessional rate of 9% at par with Minimum Alternate Tax (MAT) applicable for corporates.
The Government had endeavoured to develop a world class international financial services centre in India. In recent years, various measures including tax incentives have been provided in order to fulfil this objective.Subscribe Taxscan AdFree to view the Judgment