THE GOVERNMENT MAY consider taxing the return on debt capital distributed by Infrastructure Investment Trusts (InvITs) as capital gains, rather than as "income from other sources", as proposed in the Finance Bill 2023. The change could lower the tax incidence on unitholders of InvITS, as capital gains are typically taxed at much lower rates, compared with income tax at marginal rates for domestic and foreign investors.
The rethink is prompted by the concerns expressed by various stakeholders, including government bodies like NHAI and PowerGrid, that the tax proposed in the Budget, could discourage future issuance of InvITs, increasingly a key instrument for infrastructure financing.
According to sources, the Finance Bill, 2023 may be changed to soften the tax blow to InVITs, before it is put to vote in Parliament next week.
Esta historia es de la edición March 22, 2023 de Financial Express Mumbai.
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