The Indian government is borrowing a page from 17th-century England over taxation, but modern Britain holds the clue to some of its side effects.
NEW DELHI, INDIA - JULY 23: Union Finance Minister Nirmala Sitharaman during Post Budget Press Conference at National Media Centre on July 23, 2024 in New Delhi, India . This report is from this week's CNBC's "Inside India " newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise.
What may become a cause of government concern is if stock market traders attempt to lower their tax burden, instead of weaning away from what has effectively become gambling and from its unintended negative consequences. Spread betting and contracts-for-difference , which exposes traders to far higher levels of potential losses — as well as gains — have boomed since the 1990s. As neither product results in stock ownership, the trading tax is entirely avoided.
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