 "Finance Minister Nirmala Sitharaman")
Foreign portfolio investors (FPI) functioning as trusts in India will have to pay the tax surcharge proposed in Budget, said Finance Minister Nirmala Sitharaman on Thursday.
FPIs may consider the option of structuring as companies and FPIs functioning as trusts may consider being registered as companies, said Sitharaman in Parliament.
Sitharaman, in her Budget speech on July 5, proposed a tax increase of 3 per cent for individuals with an annual income of between Rs 2 crore and Rs 5 crore, and 7 per cent for those earning more than Rs 5 crore.
The additional taxes apply to individuals, and
