Budget 2021: FM Nirmala Sitharaman announces tax exemption for aircraft leasing companies
Right now, it is 48 percent more expensive to do this in India, than in Ireland February 01, 2021 / 12:57 PM IST
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Finance Minister Nirmala Sitharaman in her Budget 2021 speech on February 1 proposed a tax exemption for aircraft leasing companies, a move that may finally see India getting its first player in this aviation segment.
Till now, the Indian aviation industry has been dominated by lessors from Ireland and Hong Kong. I think it is an excellent move, and will perfectly complement the efforts of the Ministry of Civil Aviation in getting GIFT City off the ground. Already there is no stamp duty (waived by Gujarat govt) so this is a very welcome move, said Nitin Sarin, Managing Partner of Sarin & Co, which specialises in aviation law.
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FILE PHOTO: A passenger aircraft is silhouetted against the rising moon in New Delhi May 7, 2009. REUTERS/B Mathur/File Photo
NEW DELHI (Reuters) - India’s finance minister on Monday proposed tax benefits for foreign aircraft lessors, as one of the world’s fastest-growing domestic aviation markets looks to establish a local leasing industry.
Nirmala Sitharaman in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose to be based in the country’s upcoming international finance hub.
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
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