Foreign investors' lobby group asks India to reconsider high taxes

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Foreign investors' lobby group asks India to reconsider high taxesMUMBAI/NEW DELHI (Reuters) - Foreign investors are urging India to reconsider its decision to increase taxes on the super-rich, including a higher levy on certain groups of portfolio investors, arguing the move will hit the competitiveness of Indian capital markets. In the annual budget announced last week, Indian Finance Minister Nirmala Sitharaman proposed a tax increase of 3% for individuals with an annual income between 20 and 50 million rupees ($291,205-$728,014), and 7% higher tax for those earning more than 50 million rupees. Asset Managers Roundtable of India (AMRI), a lobby group of FPIs, said the higher tax could affect many large foreign mutual funds and pension funds, and hit India's reputation as a stable tax jurisdiction.

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