look news india
New tax rules for NRIs in Britain: The government of Indian-origin Prime Minister Rishi Sunak in Britain has brought another law which is going to have a big impact on the Non-Resident Indians (NRIs) living there. This law will have a double impact on NRIs. On one hand, the tax exemption available to NRIs living in Britain on bank FD, share market and rental income in India has been reduced from 15 years to 4 years.
At the same time, from the fifth year of residence in Britain, NRIs will have to pay 50 percent tax on their income in India. The new law will become effective from April next year. Because of this, 5 lakh NRIs living in Britain are going to be affected.
50 thousand NRIs can shift to Dubai
According to a report by Dainik Bhaskar, after the new rules, about 50 thousand NRIs are planning to shift to Dubai. This is because the personal tax rate in Dubai is zero and the corporate tax is only 9%. Indian expatriates in Dubai do not even have to pay property tax. Whereas in London 40 percent asset tax has to be paid. After the new law of Britain, the interest of Indians in doing business in London is decreasing.
Recently, questions were raised over the Rishi Sunak government not granting visas to Indian priests despite repeated applications. Due to this, the number of priests for worship in various temples of Britain reduced and the temples came on the verge of closure. Meanwhile, it has also been revealed that in the last five years, 83 thousand 468 Indians have given up Indian citizenship and taken British citizenship. This number is more than any other country in Europe.