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Tapan Ray, CEO and managing director of Gujarat International Finance Tec City (GIFT), has welcomed Union Finance Minister Nirmala Sitharaman’s announcement to extend the tax exemptions on specific International Financial Services Centre (IFSC) unit income, in the ‘interim’ Budget presented on Thursday. Ray said it reflected “a forward-looking approach”.
Praising the IFSC at GIFT and the regulatory body International Financial Services Centre Authority (IFSCA) as creating a “robust gateway for global capital and financial service for the economy”, Sitharaman extended the deadline for tax benefits to start-ups and investments made by sovereign wealth or pension funds and tax exemptions on certain income of IFSC units by a year from March 31, 2024.
“To provide continuity in taxation, I propose to extend the date to 31.03.2025,” said Sitharaman in her interim Budget speech in Parliament.
Ray also welcomed the Centre’s “commitment” to GIFT IFSC’s comprehensive development and said that the extension of the deadline was crucial to sustain “ease of doing business and ensuring stability in taxation”.
“This decision aligns with our shared vision for fostering a thriving IFSC ecosystem, contributing to India’s economic prowess. We appreciate the government’s continued support, emphasizing GIFT IFSC’s pivotal role in the global financial landscape,” Ray said in a statement.
During the three-day Vibrant Gujarat Global Summit (VGGS) that concluded January 12, GIFT City received commitments from at least four foreign firms, with the Abu Dhabi Investment Authority becoming the first sovereign fund to set up a base in the greenfield city located in Gandhinagar.
Abu Dhabi ruler Sheikh Mohammad Bin Zayed al Nahyan who is also the President of UAE was the chief guest of the 10th edition of VGGS.
Following a meeting of Prime Minister Narendra Modi and Sitharaman with 26 global CEOs at the GIFT City during the Global FinTech Leadership Forum during the VGGS, Ray had announced a list of foreign and Indian firms that were opening offices in GIFT City that included Mizuho Bank, financial services group American StoneX, Bermuda-founded Apex Group and Transworld, the Dubai-based ship and aircraft leasing company.
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