Foreign investors entering India via Mauritius are set to face greater scrutiny of their investments, with the two countries inking a protocol to amend their double-taxation avoidance agreement.
The PPT will deny treaty benefits, such as the reduction of withholding tax on interest royalties and dividends, where it is established that obtaining that treaty benefit is one of the principal purposes for the party engaged in the transaction.
“Before the New Millennium, The Bahamas boasted of being a jurisdiction that had no income taxes, corporate or personal, no value-added, inheritance, capital gains, dividend, interest income, or death taxes.
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