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FPIs can opt for corporate route to avail lower surcharge: CBDT chief

Thursday, July 11, 2019

CBDT Chairman P C Mody yesterday ruled out giving relaxation to FPIs from the ambit of increased surcharge, saying that foreign investors have an option to convert into a corporate entity to avail of lower rates available to such category.  He said the consideration for increasing surcharge on people earning above Rs 2 crore was that people who have the ability to pay should shell out more for nation building. "The base rate was not changed. It was the surcharge which was changed. As a collateral, it affected the FPIs and AIFs (Alternative Investment Funds). But, there again the option is to go to the corporate structure. I don't see there is any kind of differential treatment," Mody said at a CII event here.

Finance Minister Nirmala Sitharaman in her maiden Budget 2019-20 raised surcharge on income tax paid by super-rich individuals.

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