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Foreign Portfolio Investors To Pay Higher Tax On Debt Securities: Report
Foreign portfolio investors will lose a preferential tax rate on interest from Indian government securities and corporate and foreign currency bonds, a senior tax official said on Saturday.
Foreign portfolio investors have been enjoying a lower 5% tax on interest earned on bonds since 2013, making investments in the country more attractive. Ending this treatment would require them to pay a 20% tax on interest income from July 1.
"It has not been extended," Central Board of Direct Taxes chairman Nitin Gupta told Reuters. "Our view point is that it was a revenue foregone by the government
"We have certain tax treaty with any jurisdiction which permits the Indian government to deduct tax at a certain rate. We had foregone that right. It was helping the other government, and the other jurisdictions," Gupta said in an interview.
The exemption does not benefit any Indian company, he said.
Gupta said regular registration by charitable trusts will help India in gathering data of beneficial owners, and comply with standards from the Financial Action Task Force, a global money laundering and terrorism watchdog.
The task force, reviewing India this year, is "much concerned about trusts because it becomes a route... for illegal activities, money laundering," he said.
India's $550 billion budget, unveiled on Wednesday, proposes a series of changes for charitable trusts that include regular registration to access tax benefits.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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Tax Sought From Amazon In India On Cloud Services Fees Paid To US
Indian tax authority has decided to charge tax on cloud services fees paid by Amazon to the US, a move which will lead to company coughing up "significant" amount in taxes including payments for some of the previous years, the company said in a regulatory filing.
Without sharing details of the decision, Amazon said it will contest the decision but it will have to remit a significant amount in taxes unless the matter is resolved.
"In February 2023, we received a decision by the Indian Tax Authority (ITA) that tax applies to cloud services fees paid to the US. We will need to remit taxes on the services in question, including for a portion of prior years, until this matter is resolved, which payments could be significant in the aggregate," the company said.
Amazon claimed that the ITA's decision is without merit.
"We believe the ITA's decision is without merit, we intend to defend our position vigorously, and we expect to recoup taxes paid. If this matter is adversely resolved, we would reflect significant additional tax expense, including for taxes previously paid," Amazon said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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