FPI surcharge: Finance ministry may consult Law ministry

The finance ministry may soon consult the law ministry on how best to provide relief to foreign portfolio investors (FPIs) from the super-rich surcharge that was announced in the July 5 budget.

The government is exploring various options and then will take up the most effective and legally feasible one, said people with knowledge of the matter. The surcharge has taken effect after presidential assent to the Finance Bill.

Among the options on the table is relief via a circular, an announcement to be followed up with an amendment later, or an ordinance to immediately amend the Finance Act.

“These would have to be taken to the law ministry for examination to assess effectiveness and doability,” said a government source.

In the past, the government has issued beneficial circulars to provide relief to taxpayers that have been upheld by the Supreme Court.

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Source : newscrab

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