July 18, 2019 / 12:13 PM / a month ago

Foreign investors could register as companies to get tax relief: Nirmala Sitharaman

India's Finance Minister Nirmala Sitharaman arrives at her office before leaving for parliament to present the federal budget in New Delhi, India, July 5, 2019. REUTERS/Anushree Fadnavis

NEW DELHI (Reuters) - Indian Finance Minister Nirmala Sitharaman said on Thursday that foreign portfolio investors (FPIs) could register as companies to avoid a new tax surcharge imposed on individual tax payers as well as trusts in the budget for the fiscal year that began on April 1.

Sitharaman increased taxes on anyone earning an annual incomes of more than 20 million rupees ($292,269) that will also cover trusts.

Reporting by Manoj Kumar; Editing by Sanjeev Miglani

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