No question of rolling back surcharge on FPI trusts, says Finance Ministry

According to reports, about 2,000 FPIs operate as trusts

The government has ruled out a rollback of the ‘super-rich’ tax on foreign portfolio investors (FPIs) organised as trusts or association of persons. The tax on such FPIs will yield an estimated Rs 400 crore, as against the overall revenue gain of Rs 12,000 crore from the surcharge.

Finance Minister Nirmala Sitharaman in her maiden Budget last week proposed a hike in surcharge for the super-rich (non-corporate) from 15 per cent to 25 per cent for incomes between Rs 2 crore and Rs 5 crore, and from 15 per cent to 37 per cent for incomes above Rs 5 crore a