1. Business

Share buybacks losing lustre as 20% tax bites; firms await relief in Budget

The 20 per cent tax on share buybacks, launched in the final Budget, has altered the best way firms reward their shareholders. Buybacks, which had emerged as a well-liked software to pay again traders following a rise in dividend tax, have as soon as once more misplaced their enchantment.

So far this monetary 12 months, firms have repurchased shares price Rs 16,647 crore, lower than half in comparison with the identical interval of the final monetary 12 months. The bulk of the buybacks executed in FY20 have been introduced earlier than the Union Budget in July 2019, when Finance Minister Nirmala Sitharaman had launched the buyback tax with …

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