Finance Minister Nirmala Sitharaman has said Foreign Portfolio Investors (FPIs) can register as companies to avoid the new tax surcharge. The government in Budget imposed 25% tax surcharge on those with ₹2-5 crore taxable income and 37% surcharge on taxable income above ₹5 crore, that will also cover trusts. About 40% of roughly 9,400 FPIs are reportedly registered as trusts.