WITHHOLDING TAX ON FOREIGN BORROWINGS SLASHED
The rate of withholding tax has been slashed to 5 per cent from 20 per cent. The lower rate will be
applicable for overseas borrowings made after July 1, 2012 and before July 1, 2015. Borrowings
under a loan agreement or by way of issue of long- term infrastructure bonds that comply with
External Commercial Borrowings (ECB) regulations as administered by the Reserve bank
of India (RBI) would be eligible for benefits of the concessional tax regime.
applicable for overseas borrowings made after July 1, 2012 and before July 1, 2015. Borrowings
under a loan agreement or by way of issue of long- term infrastructure bonds that comply with
External Commercial Borrowings (ECB) regulations as administered by the Reserve bank
of India (RBI) would be eligible for benefits of the concessional tax regime.
0 comments:
Post a Comment