Budget 2020: Dividend distribution tax abolished, 100% tax concession to sovereign wealth funds
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The Finance Minister announced that she has abolished Dividend distribution tax that companies had to pay and argued that it will make India an attractive investment destination. "A total of Rs 25,000 crore is revenue foregone due to DDT abolition," Sitharaman said. She also proposed a 100% tax concession to sovereign wealth funds on investment in infra projects. The rate of withholding tax has been extended to 2023 for FPIs.