IFSC Authority announces framework for aircraft operating companies

The International Financial Services Centres Authority (IFSCA) on Friday issued a framework for aircraft operating leases to make GIFT City in Gujarat a hub for such business.

To promote such business, Finance Minister Nirmala Sitharaman earlier this month in her Budget proposed tax exemption for aircraft leasing companies operating out of the first IFSC in the country — the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

“I propose to include, among others, tax holiday for capital gains for aircraft leasing companies, tax exemption for aircraft lease rentals paid to foreign lessors… located in IFSC,” the minister had said in her Budget speech.