India’s International Financial Services Centre (IFSC) at GIFT City could become more attractive to investors with a slew of tax incentives brought in through the amendments to the Finance Bill, 2023 including extending a 100% tax holiday available to non-residents for income from portfolio of securities in accounts in offshore banking units for a full 10-year period.

“The amendment proposes that income received by non-residents from portfolio of securities in an account maintained with the Offshore Banking Unit in IFSC will be exempt to the extent such income accrues or arises outside India,” said Gopal Bohra, partner, NA Shah Associates.