US President Donald Trump earned $2.3 million from licensing deals in India: Report
A recent report by The New York Times has revealed that US President Donald Trump’s revenues from the foreign market in his first two years in the White House amounted around 73 million dollars, with at least USD 2.3 million revenue coming from licensing deals in India. According to a report by Moneycontrol.com, sales of over Rs 600 crore from The Trump Organisation’s properties in the four cities of India are major contributors to the 2.3 million dollars revenue of the US President from the country.
Speaking to the news portal, real estate experts have revealed that out of the four Trump-branded projects in India, only two – Pune and Mumbai – are complete and ready for possession. Rest two projects based in Gurgaon (Delhi-NCR) and Kolkata are still under construction. They also stated that the Trump Organisation would have earned approximately Rs 500 crore from its real estate deal with Lodha Group in Mumbai and Panchshil Realty in Pune, and the remaining Rs 100 crore would have come from its Kolkata and Gurgaon projects.
With at least four residential towers in four major cities, including Pune and Mumbai, India is the biggest international market for the Trump Organisation outside North America, in terms of real estate.
Interestingly, the New York Times report also stated that Donald Trump paid only $750 in federal income taxes in the year 2017 when he was elected as the President of the United States. On the contrary, he or his companies paid a whopping $145,400 in taxes in India in the same year.
“He reported paying taxes, in turn, on a number of his overseas ventures. In 2017, the president’s USD 750 contribution to the operations of the US government was dwarfed by the USD 15,598 he or his companies paid in Panama, the USD 145,400 in India and the USD 156,824 in the Philippines,” the report said.
However, addressing a press briefing on Sunday, Donald Trump dismissed the report as “totally fake news.”
According to Kalpesh Mehta, founder of Tribeca Developers, Trump-branded projects in India are worth around $1.5 billion. Tribeca Developers and M3M India Ltd jointly launched the Trump Tower project in India in January 2018.