Govt has proposed a unified authority for international financial service centre -Governance Now

Govt has proposed a unified authority for international financial service centre

Non-corporate taxpayers operating in IFSC to be charged alternate minimum tax at concessional rate of 9 percent

GN Bureau | February 1, 2018

#international financial service centre #IFSC #Gift city #Budget 2018

In 2018 budget the government has announced tax incentives for the ‘operational’ international financial services centre, aka IFSC, at GIFT city, located between Ahmedabad and Gandhinagar. GIFT city IFSC, modelled on the lines of international financial centre of Dubai, London, etc, has been struggling for want of coherent and supportive regulations.

“I propose to provide two more concessions for IFSC. In order to promote trade in stock exchanges located in IFSC, I propose to exempt transfer of derivatives and certain securities by non-residents from capital gains tax. Further, non-corporate taxpayers operating in IFSC shall be charged Alternate Minimum Tax (AMT) at concessional rate of 9 percent at par with Minimum Alternate Tax (MAT) applicable for corporates,” the FM said.

READ: Finance beyond geography

Jaitley said that the government would establish a unified authority for regulating all financial services in IFSCs in India.

For more details on IFSC at GIFT city, please refer to our story.

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