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GIFT City MD and Group CEO Sanjay Kaul on Union Budget
This story was originally published at 15:26 IST on 1 February 2026
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MUMBAI - Sanjay Kaul, managing director and group chief executive officer of Gujarat International Finance Tec-City, said the following on the Union Budget for 2026-27 (Apr-Mar), presented in the Lok Sabha by Finance Minister Nirmala Sitharaman on Sunday:
"The Budget provides strong long-term tax certainty for entities operating from India's maiden international financial services centre at GIFT City, significantly enhancing the country's offshore financial competitiveness. The extension of the tax deduction window to 20 years out of 25 years from 10 years out of 15 years, coupled with a clearly defined 15% tax rate thereafter, offers clarity and predictability that global financial institutions and investors look for when making long-term location and capital allocation decisions.
This policy stability strengthens GIFT City's position as a globally competitive financial hub within India's jurisdiction and reinforces confidence among banks, fund managers, exchanges, and other IFSC participants. The rationalisation of deemed dividend provisions for treasury centres is also a positive step, as it removes structural tax friction for multinational groups and facilitates efficient treasury and funding operations through GIFT City. Together, these measures make GIFT City an increasingly attractive destination for global financial and treasury operations seeking scale, certainty and regulatory alignment." End
Compiled by Durgesh Nandan
Filed by Rajeev Pai
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