Jamie Dimon warns India tax rules drive $25 billion outflows
Business
JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon recently shared that while investors are excited about India's growth, unpredictable tax rules and tricky regulations are making things tough for foreign businesses.
These issues have led to surprise taxes, and foreign investors have pulled about $25 billion out of Indian stocks this year.
India scraps some government securities taxes
India has tried to help by scrapping some taxes on foreign investment in government securities and relaxing a few market rules.
But capital gains taxes and extra transaction fees remain, and foreign investors have pulled about $25 billion from Indian stocks so far this year.