Africa-Press – Mauritius. Many Foreign portfolio investors (FPIs), offshore venture capital funds and corporates from Mauritius, Singapore and The Netherlands are likely to be on firmer ground to avoid capital gains tax on earlier investments in Indian stocks as long as they have tax residency certificates (TRC) from these jurisdictions.
The adequacy of TRC has often been questioned by the Income tax (I-T) department on the grounds that investing entities were mere dummies set up for treaty shopping and deriving tax benefit while actual control lay with holding companies and investors in other locations which do not qualify
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