Budget 2019 extends tax holiday for Gujarat's GIFT City to 10 years

International finance services hub to get single regulator, says Finance Minister

Union Finance Minister Nirmala Sitharaman in her maiden Budget on Friday announced several tax benefits in a bid to boost investments at the international finance service centre (IFSC) near Gujarat International Finance Tec-City (Gift-City), Ahmedabad.
 

A major benefit to businesses operating in the GIFT City at Gandhinagar is in the form of doubling the tax holiday to 10 years, apart from exemption from dividend distribution tax (DDT), exemptions on capital gain to alternate investment funds (AIFs) and interest payment on loans taken from non-residents. 
 

Currently, an IFSC unit is allowed deduction of 100 per cent of profits for the first