They said an amendment to the Income Tax Act may be introduced in the Finance Bill 2023 to exempt IBUs operating out of Gift City from tax on interest income earned on foreign currency borrowings or "debt granted to government or Indian concerns".
The changes are aimed at encouraging IBUs to relocate to the International Financial Service Centre (IFSC) in Gift City that is being developed as a quasi foreign territory within the country to attract foreign investment across sectors.
As part of an exercise to develop the country's only IFSC into a global financial services hub, the government in the 2019-20 budget announced a 100% tax holiday on profits of entities located there continuously for 10 out of 15 years, beginning with the year in which permission for the operation was given.
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