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.
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