印度市场监管机构已建议政府取消对外国投资者征收的长期资本利得税（LTCG），两名直接知情人士透露，此举旨在振兴表现不佳的印度股票市场。
India‘s markets regulator has recommended the government remove the long–term capital gains (LTCG) tax imposed on foreign investors, two people with direct knowledge of the matter said, as India looks to galvanise its underachieving equity markets.
知情人士称，印度证券交易委员会（SEBI）还提议给予国内共同基金投资者税收减免，建议如果他们出售现有持仓以投资新基金，可免征长期资本利得税。
The Securities and Exchange Board of India (SEBI) has also proposed tax relief for domestic mutual fund investors, suggesting they be exempt from LTCG if they are selling existing holdings to invest in new ones, the sources said.
这些建议是在明年二月年度联邦预算发布前几个月提出的，不具备约束力，最终决定权在政府手中。
The recommendations, which come months before the annual federal budget in February, are not binding and a final call rests with the government.
过去两年，印度股市表现落后于新兴市场同行。今年以来，外国投资者已抛售创纪录的310亿美元印度股票，而随着回报停滞，散户投资者的海外投资激增。
India‘s equity market has lagged emerging market peers over the past two years. Foreign investors have sold a record $31 billion in Indian stocks this year and overseas investments by retail investors have surged as returns have stagnated.
知情人士称，随着抛售持续、给印度卢比带来压力，印度证监会在过去两年里与外国投资者举行了数十次会议，随后提出了上述建议。
SEBI’s recommendations follow scores of meetings held by the regulator with foreign investors over the last two years as selling persisted, putting pressure on the Indian currency.
投资者反馈的一个一致意见是需要改变印度对他们的征税方式，上述人士称。
One consistent piece of feedback from investors has been the need to change how India taxes them, the people said.
“这些提案旨在减轻外国投资者的预付税负，”两名知情人士中的一位表示。
“The proposals are aimed at reducing the upfront tax burden on foreign investors,” one of the two said.
由于这些建议属于预算前的陈述且属于私密性质，此前未曾披露，知情人士拒绝透露姓名。发给印度证监会和联邦财政部的电子邮件询问均未获回复。
The people declined to be named as the recommendations, which have not been reported previously, are part of pre-budget representations and are private. Email queries sent to SEBI and the federal finance ministry were not answered.
“取消长期和短期资本利得税将是一个明确的利好，能提高税后回报，并消除配置资金到印度的一个长期阻力，”Allspring Global Investments主动权益投资组合经理Gary Tan表示。不过他补充称，这一举措不会消除人们对人工智能可能侵蚀印度劳动力成本套利增长模型的担忧。
“Scrapping the long term and short term capital gains tax would be a clear positive, improving post tax returns and removing a longstanding friction in allocating capital to India,” said Gary Tan, Portfolio Manager, Active Equity, Allspring Global Investments. However, the move would not remove concerns that AI could erode India’s labor cost arbitrage growth model, he added.
印度证券交易委员会（SEBI）表示，在印度投资股票所涉及的交易成本在各司法管辖区中属于最高水平之一。
WOOING FOREIGN INVESTORS SEBI has said that transaction costs associated with investing in equities in India are among the highest across jurisdictions.
目前，投资者持有证券超过一年需缴纳12.5%的长期资本利得税，短期资本利得税为20%，此外还需缴纳交易时的证券交易税以及股息预扣税。
Investors currently pay long–term capital gains tax of 12.5% for securities held for more than a year and short-term capital gains tax of 20%, in addition to securities transaction taxes on trades and withholding taxes on dividends.
券商杰富瑞（Jefferies）本周早些时候在一份报告中表示，降低资本利得税有望提升市场对外国投资者的吸引力，并支持投资组合资金流入。
Brokerage firm Jefferies in a note earlier this week said any reduction in capital gains taxes could improve the market’s attractiveness for foreign investors and support portfolio inflows.
券商IIFL估计，取消资本利得税可使外国投资者的回报率提升2.3个百分点。
Brokerage firm IIFL estimates scrapping capital gains tax could lift foreign investors‘ returns by 2.3 percentage points.
新加坡赫利俄斯资本管理公司（Helios Capital Management）创始人兼基金经理萨米尔·阿罗拉（Samir Arora）指出，印度是极少数对外国投资者征收资本利得税的国家之一。阿罗拉说：“纠正这一异常现象将受到所有投资者的欢迎。”给国内共同基金投资者减负印度基准指数Nifty 50 .NSEI在过去两年下跌了4.8%，而MSCI新兴市场指数同期上涨了40%。
Samir Arora, founder and fund manager of Singapore-based Helios Capital Management, noted India was one of the very few countries where foreign investors pay taxes on capital gains. “Correction of this anomaly will be welcomed by all investors, Arora said. RELIEF FOR DOMESTIC MUTUAL FUND INVESTORS India‘s benchmark Nifty 50 .NSEI has declined 4.8% in the last two years while the MSCI emerging market index is up 40%.
这一时期，多元化国内股票型共同基金——如今已成为散户投资者常见的储蓄方式——的回报也停滞不前。据基金研究公司晨星（Morningstar）数据，投资大盘股的基金平均回报下降了1.6%。
Returns from diversified domestic equity mutual funds — now a common way of saving for retail investors — have also stagnated over this period. Average returns from funds investing in large-cap stocks are down 1.6%, according to data from fund research firm Morningstar.
消息人士称，为鼓励投资者持续投资国内共同基金，印度证监会建议，如果持有期超过一年，在不同共同基金计划之间转换不应被视为应税出售。
To encourage investors to stay invested in domestic mutual funds, SEBI has recommended that switching from one mutual fund scheme to another should not be treated as a taxable sale if the units have been held for more than a year, the sources said.
印度共同基金管理的资产规模达82.6万亿卢比（约8708亿美元），通过定投计划每月平均流入300亿卢比。
Indian mutual funds hold 82.6 trillion rupees ($870.80 billion) in assets under management, with an average of 30 billion rupees flowing in each month via monthly investment schemes.
JB Drax Honore亚洲宏观策略师维韦克·拉吉帕尔（Vivek Rajpal）表示，这可能是进行此类税制改革的最佳时机。
Vivek Rajpal, Asia macro strategist at JB Drax Honore said that this is probably the best time to undertake such tax reforms.
“随着全球资本变得更加挑剔，取消长期资本利得税将有助于使印度与其他新兴市场接轨，并提升其对外国投资者的相对吸引力，”拉杰帕尔说。
“With global capital becoming more selective, removing long–term capital gains tax would help align India with other emerging markets and improve its relative attractiveness to foreign investors,” Rajpal said.