作者杰什里·P·乌帕迪亚亚（Jayshree P Upadhyay）、维韦克·库马尔·M（Vivek Kumar M） 印度市场监管机构——印度证券交易委员会已建议为外国投资者和国内共同基金投资者减税。
By Jayshree P Upadhyay, Vivek Kumar M India's markets regulator, the Securities and Exchange Board of India, has recommended tax relief for foreign investors and domestic mutual fund investors.
印度的基准股票指数是亚洲表现最弱的指数之一，这促使投资者呼吁进行税制改革以提高税后回报率。在过去两年中，孟买敏感30指数（.BSESN）和印度国家证券交易所的Nifty 50指数（.NSEI）分别下跌了6.2%和4.8%。在印度，国内外投资者按同等标准纳税。
India's benchmark stock indexes are among Asia's weakest performers, prompting calls from investors for tax reforms to improve post-tax returns. The BSE Sensex (.BSESN) and NSE's Nifty 50 (.NSEI) are down 6.2% and 4.8% respectively over the last two years. Both domestic and foreign investors are taxed at par in India.
对持有超过一年的股票所获得的收益征收12.5%的税，而对于持有期少于12个月的股票，税率最高可达20%。
A 12.5% tax is imposed on gains made on shares held for more than one year, while for shares held for less than 12 months taxes go up to 20%.
此外，印度经常征收用于从医疗到教育等各种用途的附加费，这意味着长期收益的实际税率可能上升至接近15%，短期收益的实际税率则接近24%。
In addition, India often adds additional levies for purposes ranging from health to education, which means the effective tax rate can rise to nearly 15% on long-term gains and almost 24% on short-term gains.
投资者还需缴纳证券交易税，这是对每笔交易价值征收的税费。现金股票和股票衍生品的证券交易税金额有所不同。外国投资者对来自上市股票的股息需缴纳20%的预扣税。
Investors are also subject to the Securities Transaction Tax, a levy on the value of each trade. The amount of STT varies for cash equities and equity derivatives. Foreign investors are subject to a withholding tax on dividends from listed equities at 20%.
印度的基准Nifty 50指数（.NSEI）在过去两年中下跌了4.8%，在2026年迄今已下跌11%，正走向其15年来的最差年度表现，这与摩根士丹利资本国际（MSCI）新兴市场指数（.dMIEF00000PUS）在过去两年中约40%的涨幅形成了对比。
India's benchmark Nifty 50 index (.NSEI) is down 4.8% over the last two years and 11% down so far in 2026, setting the stage for its worst annual performance in 1-1/2 decades, in contrast to about a 40% jump in MSCI's Emerging Markets index (.dMIEF00000PUS) in the last two years.
糟糕的回报率以及不断走弱的印度卢比（这进一步侵蚀了回报率）还导致外国投资者自2025年以来抛售了价值超过500亿美元的股票。投资者一直认为，减税有助于提高印度股票的税后回报率。
Poor returns and a weakening Indian rupee — which further erodes returns — have also led to foreign investors selling shares worth more than $50 billion since 2025. Investors have argued that reducing taxes can help improve the post-tax returns for Indian equities.
税收决策通常在2月份年度联邦预算案公布时宣布，尽管政府完全可以在其他时间宣布变更。
Tax decisions are typically announced at the time of the annual federal budget in February, although there is nothing to prevent the government from announcing changes at other times.
上个月，印度联邦财政部长尼尔马拉·西塔拉曼（Nirmala Sitharaman）表示，国内外投资者都对长期资本利得税和证券交易税提出了担忧，并补充说，在预计于明年年初举行的预算案公布之前，她将“密切倾听”对该问题的意见。政府尚未承诺进行任何减税。
Last month, Union Finance Minister Nirmala Sitharaman said both domestic and foreign investors had raised concerns over the long-term capital gains tax and securities transaction tax, adding that she would be "keenly hearing" views on the issue ahead of the budget slated for early next year. The government has not committed to any tax reduction.
印度有征收资本利得税的历史，但在2004年政府引入证券交易税（STT）时，上市股票的长期资本利得（LTCG）税被取消了。
India has had a history of capital gains taxes but long-term capital gains (LTCG) tax on listed equities was abolished in 2004 when the government introduced the Securities Transaction Tax (STT).
2018年，该税种以10%的税率重新引入，同时保留了证券交易税。
It was reintroduced at 10% in 2018 while STT was retained.
2024年，政府将长期资本利得税率提高至12.5%，将短期资本利得（STCG）税率提高至20%，加重了股票投资的税收负担。
In 2024, the government raised the LTCG rate to 12.5% and the short-term capital gains (STCG) rate to 20%, increasing the tax burden on equity investments.
印度对外国组合投资者的处理方式在国际上显得格外引人注目，因为它对在收益产生国内发生的资本利得征税。
India's treatment of foreign portfolio investors stands out internationally because it taxes capital gains in the country where the gains are made.
多数主要市场要么完全免除外国投资者的资本利得税，要么允许在投资者的本土司法管辖区对收益征税。
Most major markets either exempt foreign investors from capital gains tax altogether or allow gains to be taxed in the investor's home jurisdiction.
经纪公司IIFL今年早些时候在一份报告中表示，美国、英国、新加坡、中国香港、阿联酋、沙特阿拉伯、南非以及多数情况下的巴西等市场，不对外国组合投资者征收资本利得税。
Markets such as the United States, United Kingdom, Singapore, Hong Kong, UAE, Saudi Arabia, South Africa and, in most cases, Brazil, do not levy capital gains tax on foreign portfolio investors, brokerage firm IIFL said in a note earlier this year.