India Scraps Capital Gains and Withholding Tax for Foreign Investors in Government Bonds Under 2026 Tax Ordinance

印度2026税收条例取消外资购买政府债券的资本利得税和预扣税

政策核心 | Policy Core

India's Income-tax (Amendment) Ordinance, 2026 has inserted specific provisions exempting Foreign Institutional Investors (FIIs) from capital gains tax and withholding tax on interest income from qualifying government securities (G-Secs). The new framework took effect in June 2026, marking one of India's most significant openings of its sovereign debt market to foreign capital.

印度《2026年所得税（修正）条例》新增专门条款，免除外国机构投资者（FII）投资符合条件的政府债券（G-Sec）所产生的资本利得税和利息预扣税。新框架于2026年6月生效，是印度主权债券市场向外资最重大的一次开放。

税负变化 | Tax Cost Comparison

| 税项 Tax Item | 调整前 Before | 调整后 After |

|--------|--------|--------|

| 政府债券资本利得税 | 按持有期限征收 | 0% |

| 利息收入预扣税 | 对外资征收 | 0% |

| 适用投资者范围 | 受限 | 全部合格FII |

Previously, foreign investors faced both capital gains tax on bond trading profits and withholding tax on interest income, which materially reduced net returns on Indian G-Secs. Under the June 24, 2026 framework announcement, both levies are eliminated for qualifying government bond holdings.

此前外国投资者在印度国债上同时承担交易收益的资本利得税和利息的预扣税，实际到手收益率被明显压缩。根据2026年6月24日公布的新框架，合格政府债券持有对应的两项税负全部归零。

为什么印度此时让步 | Why India Is Offering This Now

India is actively competing for global fixed-income capital as its bond market seeks deeper foreign participation. The twin tax exemption is designed to raise the attractiveness of rupee-denominated sovereign debt relative to other emerging markets where withholding taxes of 10%-15% on interest remain common.

印度正在与其他新兴市场争夺全球固定收益资本。在多数新兴市场仍对债券利息征收10%-15%预扣税的背景下，双税豁免让卢比计价的主权债券在外资组合中的相对吸引力直接上升。

企业该怎么做 | What Companies Should Do

- 已有印度子公司或卢比拼盘资金的：重新评估资金存放结构，闲置卢比资金可转向G-Sec获取免税利息，替代低息存款

- 做跨境金融业务的：确认FII注册资格路径，通过SEBI（印度证券交易委员会）合格投资者通道进入

- 设区域财资中心的：对比新加坡/香港架构下的印度国债收益，免税后实际回报可能改变财资选址结论

已有印度实体的企业，可把闲置卢比转向G-Sec获取免税利息；跨境金融机构应确认FII注册路径；设区域财资中心的企业应重新测算免税后的实际回报，财资架构结论可能因此改写。

对企业出海的意义 | Action Steps

第一步：让企业财资或合作券商核对自身是否属于合格FII范��，确认免税待遇的适用条件；第二步：测算免税前后印度国债的净收益率差，与当前资金安排做对比；第三步：2026年下半年内完成投资者注册和首批配置——税收豁免政策通常伴随引资窗口期，越早入场越早锁定收益。不要等细则"再明朗"，条例已经生效，晚一步就是少赚一个季度的免税利息。