Union Budget 2024 Input on Reinsurance by Manoj Purohit, Partner & Leader, Financial Services Tax, Tax & Regulatory Services, BDO India
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Below the Union Budget 2024 Input on Reinsurance by Manoj Purohit, Partner & Leader, Financial Services Tax, Tax & Regulatory Services, BDO India
“The FM has proposed a reduction in tax rates for foreign companies operating in India from 40% to 35%. This is a much-awaited change for the reinsurance companies operating through a branch office in India since 2017. The proposed change may not provide a level-playing field to the reinsurance branches with the domestic insurance companies (which continue to be taxed at a much lower rate) but will surely pave the path towards rationalising the tax rates for foreign companies operating in India.”
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