Ministry of Parliamentary Affairs · GODL-IndiaGovernment lists Bill in Parliament to replace Ordinance that exempted FIIs from tax
The government listed a Bill in Parliament to replace an Ordinance, promulgated in June, that exempted foreign institutional investors (FIIs) and the Bank for International Settlements from capital-gains tax and from tax on interest earned on their investments in government securities. Converting the Ordinance into law gives statutory backing to tax relief meant to deepen foreign participation in the government-securities market.
Nabka Insight
Ordinance-to-law conversions and their tax content are polity-plus-economy questions.
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- Bill replaces a June Ordinance on tax exemptions.
- Exempts FIIs and the Bank for International Settlements from capital-gains tax and interest tax.
- Applies to their investments in government securities.
Background
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