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  • Jul 08, 2019
  • Foreign funds to feel the pinch of increased tax on mega rich

    Friday’s proposal to raise the tax burden on the mega-rich could also affect about 2,000 foreign funds that are legally equivalent to associations of persons (AOP), a class of income earners required to pay more taxes after new liability slabs were created in the federal budget. Many foreign portfolio investors (FPI) in India are structured either as trusts or AOP and would be affected by the new surcharges, said tax experts. Industry estimates suggest that at least 1,500 to 2,000 actively trading FPIs will come under the purview of the new tax proposals.