Memo #
33929

ICI Global Submits Recommendations on Tax Issues for Indian 2022 Union Budget
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[33929]

December 1, 2021

TO: ICI Members
ICI Global Members
Global Tax Committee
Tax Committee SUBJECTS: International/Global
Tax RE: ICI Global Submits Recommendations on Tax Issues for Indian 2022 Union Budget

 

ICI Global submitted the attached letter to the Indian Government for consideration as they prepare the 2022 Union Budget. The letter describes tax issues and proposes recommendations to address the global regulated fund industry's outstanding tax issues. Many of these issues have been raised in prior ICI Global submissions and include:

  1. Tax Status of Foreign Regulated Funds
  2. Reorganizations Involving Business Trusts and Debt Funds/Multi-Asset Funds
  3. Off-Market Transfers of Listed Securities
  4. Tax Compliance Issues re Enhanced Surcharge Tax
  5. Availability of Cost Step-up Benefits for Shares Acquired in Corporate Actions
  6. Tax Reassessment Period, Audit Issues and Dispute Resolution
  7. India-Based Fund Manager Regime

The submission includes annexures with detailed legal analysis and draft legislation to implement the recommendations.

 

Katie Sunderland
Assistant General Counsel

    Attachments

    33929a.pdf
    33929b.pdf
    33929c.pdf
    33929d.pdf