KPMG Webinar: Impact of India-Mauritius tax treaty amendments --

KPMG Webinar: Impact of India-Mauritius tax treaty amendments --

KPMG India is holding a webinar on the impact of the amendments to the Indo-Mauritius Tax Treaty on Monday, 16 May 2016, at 5:00 p.m. (1700 hours) IST.

 
Recently, the Government of India and the Government of Mauritius signed a protocol for amending the Double Taxation Avoidance Agreement between the two nations (Mauritius tax treaty). A Press Release* (see below) summarising the amendments to the tax treaty, was issued by the Central Board of Direct Taxes on 10 May 2016. As per the Press Release, the Mauritius tax treaty has been amended, to provide source-based taxation for capital gains.  

As a fall-out of the aforesaid amendment, the Double Taxation Avoidance Agreement executed between India and Singapore would also get impacted, as the exclusive taxing rights granted to the resident state under the said convention are co-terminus with the Mauritius tax treaty.
Girish Vanvari, Head of Tax, KPMG in India, along with KPMG’s senior tax partners, shall share their perspective on the above amendments. 

nrizoners, who want to log in to the webinar, can register using either of the two options below:

Option 1
Webinar link for PC, iOS, and Android devices 
Please click on this link https://ccreservations.com/kpmg_webcast/20160516/ 
if you have access to a laptop/PC with an internet connection, or if you have a 3G/4G or Wi-Fi enabled iOS or Android device. 
You will be able to hear the webinar and watch the presentation, as well as post questions to the speakers. 
To check your system for accessing the webinar, kindly click on this link: https://services.choruscall.com/systemtest/index.html

Option 2
Dial-in 
To access the dial-in details for this webinar, kindly click to register: http://services.choruscall.in/diamondpass/registration/forwardindex.jsp;jsessionid=D79458015B69722257ADDEBF9F8DC2FC
A calendar invite with the dial-in details, along with a unique pass-code and PIN, will be sent to your registered email ID.
Kindly keep your pass-code and PIN handy to join the conference. Through this option, you will only be able to hear the audio of the webinar.
 
*Press Release issued by the Government of India, on 10 May 2106.
 
India and Mauritius sign the Protocol for amendment of the Convention for the Avoidance of Double Taxation, and the Prevention of Fiscal Evasion, with respect to Taxes on Income and Capital Gains
           
The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries today at Port Louis, Mauritius. The key features of the Protocol are as under:
 
i. Source-based taxation of capital gains on shares: With this Protocol, India gets taxation rights on capital gains arising from alienation of shares acquired on or after 1st April, 2017 in a company resident in India with effect from financial year 2017-18, while simultaneously protection to investments in shares acquired before 1st April, 2017 has also been provided. Further, in respect of such capital gains arising during the transition period from 1st April, 2017 to 31st March, 2019, the tax rate will be limited to 50% of the domestic tax rate of India, subject to the fulfillment of the conditions in the Limitation of Benefits Article. Taxation in India at full domestic tax rate will take place from financial year 2019-20 onwards.
 
ii. Limitation of Benefits (LOB): The benefit of 50% reduction in tax rate during the transition period from 1st April, 2017 to 31st March, 2019 shall be subject to LOB Article, whereby a resident of Mauritius (including a shell / conduit company) will not be entitled to benefits of 50% reduction in tax rate, if it fails the main purpose test and bona-fide business test. A resident is deemed to be a shell/ conduit company, if its total expenditure on operations in Mauritius is less than Rs. 2,700,000 (Mauritian Rupees 1,500,000) in the immediately preceding 12 months.
 
iii. Source-based taxation of interest income of banks: Interest arising in India to Mauritian resident banks will be subject to withholding tax in India at the rate of 7.5% in respect of debt claims or loans made after 31st March, 2017. However, interest income of Mauritian resident banks in respect of debt-claims existing on or before 31st March, 2017 shall be exempt from tax in India.
 
iv. The Protocol also provides for updation of Exchange of Information Article as per international standard, provision for assistance in collection of taxes, source-based taxation of other income, amongst other changes.
           
Major impact: The Protocol will tackle the long pending issues of treaty abuse and round tripping of funds attributed to the India-Mauritius treaty, curb revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between India and Mauritius. It will improve transparency in tax matters and will help curb tax evasion and tax avoidance. At the same time, existing investments, i.e. investments made before 1.4.2017 have been grand-fathered and will not be subject to capital gains taxation in India.
 
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