Anxiety rises as tax incentive shakeup looms

Under the International Financial Services Centre (IFSC) incentives package, qualifying firms enjoy a 15% corporate tax rate (as opposed to 22%) and conditional exemptions on Capital Gains Tax, Withholding Tax and other rates.

The package, initially designed to help economic diversification by encouraging the growth of the financial services sector, was broadened over the years to include areas such as business process outsourcing and taxes on foreign incomes by a wide range of sectors.