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India has adopted new Finance Act

						The Finance Act of India 2022 was published in the Official Gazette after its approval on 30th of March 2022.

The law implements the budget measures for 2022-2023, adopted in February 2022. Some of the main tax measures are being summarized as follows:

• A new taxation scheme for virtual digital assets (VDA) shall be introduced
• Withholding tax shall be charged at the rate of 1% when transferring virtual digital assets for remuneration exceeding certain thresholds;
• Alternative minimum tax rate shall be reduced from 18.5% to 15.0% for cooperatives;
• The preferential income tax rate of 15% on dividend income received by an Indian company from a specified foreign company (at least 26% owned by an Indian company) shall be canceled for any tax year, which begin on or after 1st day of April, 2023.

The law comes into force in 2023.

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