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Big relief for foreign investors, listed firms; govt withdraws enhanced surcharge, buyback tax

Finance Minister Nirmala Sitharaman announced big relief for capital gains by foreign portfolio investors and buyback tax for listed companies. The Finance Minister said that the enhanced surcharge will not be applicable to capital gains arising on sale of any security, including derivatives in the hands of foreign portfolio investors. In the other announcement for listed companies, she added that in order to provide relief to listed companies which have already made a public announcement of buyback before 5 July 2019, tax on buyback of shares shall not be charged.

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