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Foreign investors alarmed by India tax move

Country is seeking to tax past untaxed gains; clarification in 2015 budget has not resolved issue

CREATING CONFUSION: Finance Minister Arun Jaitley intervened via the 2015 budget bill to state that capital gains made by foreign investors as at April 2015 were exempt from the minimum alternative tax.

Hong Kong

US and European investor groups have called for the Indian government to urgently clarify its tax regime for foreigners, following surprise attempts by tax inspectors to claw back money they say is owed on years of previously untaxed gains.

International funds and banks