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Indian budget has 20% advance tax for EB-5 investments — but can be refunded later

The Indian Union Budget 2023 proposes a 20% tax-collected-at-source tax that applies to EB-5 investments. Currently, this tax is just 5%. However, this is not a new tax and can be set off against other tax liabilities when filing taxes; and if a person’s net tax liability is negative, they can claim a tax refund. If the budget is passed by parliament, the law takes effect July 1, 2023.

See the EB5 Investors article

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