Friday, July 16, 2021

‘Aircraft leasing at GIFT City can change the way India travels’

The aircraft leasing platform enabled by the government and the International Financial Services Centres Authority opens up opportunities in the civil aviation sector and has the potential to change the way India travels, IFSCA general manager Ashutosh Sharma has said.

IFSCA is the regulator of the International Financial Services Centres set up at GIFT City in Gujarat’s Gandhinagar with the explicit purpose of developing a financial hub.

IFSCA had already given licences to three lessors—Mumbai-based Vman Aviation, New Delhi-headquartered JetSetGo and Ireland’s Acumen Aviation—after coming out with an aircraft leasing framework in February 2021, Sharma said at an  India-focused aviation event organised by Ishka, a leading name in the global aviation industry.

Vman recently ordered its first helicopter and JetSetGo procured the first fixed-wing.

“IFSCA offers internationally benchmarked and globally commercially competitive regime to aircraft lessors and that too in one of the lowest operating cost jurisdiction,” Sharma said.

He said lessors at IFSC get tax deductions on their income for any block of 10 years out of the first 15 years. With a tax depreciation rate of 40 percent, lessors effectively get tax benefits for most of the 15-year period. The lessors also don’t have to pay stamp duty but for that, they have to set shop at IFSC before March 2024.

16/07/21 Moneycontrol

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