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Key amendments proposed in Finance Bill 2023 in respect of IFSCs
Policy and tax reforms impacting International Financial Services Centres.
The Budget 2023, presented by the Hon’ble Finance Minister, Ms Nirmala Sitharaman, hopes to build on the foundation laid in the previous Budget. GIFT IFSC (Gujarat International Finance Tec-City - International Financial Services Centre) continues to be a focus area for the Government with key policy announcements being made in this Budget as well.
The following are key objectives basis which initiatives are proposed for GIFT IFSC:
- Ease of doing business
- Enhancing business activities
- Avoidance of dual taxation and regulations
The Government has been making enormous effort to release policies and tax incentives conducive to set up of presence in IFSC, and the amendments proposed in the Budget support the pursuit of the Government to make GIFT-IFSC an attractive destination for setting up operations and attracting investments.
The Governments efforts are also reflected in the Economic Survey 2022-23 (The Survey), which laid emphasis on the Government’s vision for GIFT-IFSC which transcends much beyond traditional finance and is envisioned as the embodiment of Aatmanirbhar Bharat. The Survey also mentioned that GIFT IFSC is now emerging as a preferred jurisdiction for international financial services. Recognising the growing significance of IFSC, the Global Financial Centres Index, London Report (March 2022) put IFSC in GIFT City at the top, among 15 centres globally.