Foreign investors seek simple investment procedure and tax norms
Simplifying investment norms and setting up a separate income tax cell to deal with foreign investors are keys to make India an attractive destination, overseas investors told Finance Minister Arun Jaitley. On Monday, the Finance Minister met foreign institutional investors in Hong Kong. During the meeting, investors sought to know various initiatives to be taken by the Indian government to promote long-term investments and the execution of policy announcements. “The investors raised issues relating to private equity and their taxation; the need to further simplifying procedural requirements for FPIs (Foreign Portfolio Investors) and suggested that an income tax cell may be set-up to deal with foreign investors,” the Ministry said in a statement. The Finance Minister visited Singapore and Hong Kong during his four-day tour which concluded on Monday. He held a series of meetings with business delegations to woo investors. Addressing the India Capital Markets and Institutional Investors Summit in Hong Kong, Jaitley mentioned about the priorities of his government which include enhancing investment in irrigation and infrastructure sector and enhancing rural prosperity and taxation reforms. “The investors raised issues regarding labour reforms, make in India and cross-border bilateral investment opportunities between India and China,” the statement said. Jaitley also met Chief Executive of Hong Kong Special Administrative Region C Y Leung and discussed the need to have the Double Taxation Avoidance Agreement (DTAA). The two parties also talked about enhancing the role played by Hong Kong as a gateway to China for trade and investment.
September22, 2015 | 3:14pm IST.
to success.