Seventy Second Investment Company LLC as a Sovereign Wealth Fund Under Section 10(23FE) of the IT Act, 1961

Last updated: 29 June 2022

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The Ministry of Finance has designated Seventy Second Investment Company LLC as a Sovereign Wealth Fund under Section 10(23FE) of the Income-tax Act, 1961. This designation allows for tax exemption on investments made in India between the notification date and March 31, 2024. To maintain this status, the company must adhere to several conditions, including filing income tax returns, getting accounts audited, and submitting quarterly statements. The fund must also remain owned and controlled by the Government of Abu Dhabi and regulated under UAE laws.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 27th June, 2022 Notification No. 69/2022-Income Tax S.O. 2910(E). -In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-

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FAQ :

Notification No. 69/2022 designates Seventy Second Investment Company LLC as a Sovereign Wealth Fund under Section 10(23FE) of the Income-tax Act, 1961, making it eligible for specific tax exemptions on its investments in India.

Investments made by Seventy Second Investment Company LLC in India are eligible for the tax exemption if they are made on or after the notification date and on or before March 31, 2024.

Key conditions include filing income tax returns by the due date, getting accounts audited and submitting an audit report, furnishing quarterly statements of investments, maintaining segmented accounts for exempt investments, and remaining under the ownership and control of the Government of Abu Dhabi.

Seventy Second Investment Company LLC must continue to be owned and controlled, directly or indirectly, by the Government of Abu Dhabi. No other person should have any ownership or control.

Violation of any of the stipulated conditions will render Seventy Second Investment Company LLC ineligible for the tax exemption.

The company must continue to be regulated under the laws of the Government of the United Arab Emirates or the Government of Abu Dhabi, or both.

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Notification No : 69/2022-Income Tax
Published in Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-no-69-2022.pdf

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