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ARTICLE · 13 MAY 2016

Mauritius No Longer A ‘Sweet Spot'?

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The Ministry of Finance, Government of India, has issued a Press Release on 10 May 2016 that marks a watershed moment in India's quest with tax avoidance and the ‘substance over form' debate.

IndiaTax
Daksha Baxi
Daksha Baxi
Aditi Mukundan
Aditi Mukundan
Ishani Kundu
Ishani Kundu
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CAPITAL GAINS EXEMPTION TO BE PHASED OUT UNDER A PROTOCOL TO INDIA – MAURITIUS TAX TREATY

The Ministry of Finance, Government of India, has issued a Press Release1 on 10 May 2016 that marks a watershed moment in India's quest with tax avoidance and the 'substance over form' debate. While talk of the re-negotiation of the India – Mauritius Double Taxation Avoidance Agreement (Treaty) and curbing or withdrawing the beneficial capital gains tax provision2 has been on the table for years, the Press Release brings finality to the long-drawn debate and suspense.

While the public release of the formal Protocol amending the extant capital gains tax provision of the Treaty is awaited, we provide here an analysis of the change, based on the Press Release and the impact of the change on the international investor community in India.

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