Dear Sir,
I refer to the article on India’s tax treaties with Mauritius and Cyprus in the May issue of India Business Law Journal (volume 1, issue 10).
India entered into a double tax avoidance agreement with Mauritius in 1982. The treaty grants exemption to Mauritius residents from capital gains tax on the transfer of shares of Indian companies and provides a concessional rate for taxing dividends on shares of Indian companies.
A substantial amount of foreign investment into India is routed through Mauritius, primarily on the strength of the capital gains exemptions available through this route. Further the available data indicates that Mauritius is the second largest source of foreign investment into India, second only to the US.
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