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India: GDR tax tab to be lighter.
NEW DELHI, Oct. 21. INDIAN employees of pharma, biotechnology, information technology and entertainment companies based in the country as well as their subsidiaries abroad will finally qualify for tax-breaks on income from global depository receipts (GDRs) and capital gains arising out of their transfer.
Income accruing from interest, dividends and long-term capital gains from transfer of GDRs issued in accordance with the employees stock option plan (ESOP) would now attract a 10 per cent tax rate, said officials. For companies in other sectors, the capital gains tax on transfer of GDRs issued as part of an ESOP will attract 20 per cent tax.
A formal …
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