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Budget bowls tax googly at SWFs, pension funds
Business Standard
|July 26, 2024
Takes away special exemption which was extended by a year in Interim Budget
The Union Budget has sprung a surprise for sovereign wealth funds (SWF) and pension funds (PFS). The two classes of investors were exempted from long-term capital gains (LTCG) on specified debt investments. This was done to promote investment by SWFs in domestic businesses, mainly those developing or maintaining infrastructure facilities. To be eligible to gain such exemption, a SWF was required to make an investment before March 31, 2024 and the holding period was set at least three years. Interestingly, the Interim Budget in February had extended the investment period by one year to March 2025.
このストーリーは、Business Standard の July 26, 2024 版からのものです。
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