The Income Tax Department has said the amended India-Mauritius protocol on double taxation avoidance agreement is yet to be ratified and notified by the department. India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are only granted for transactions with a bona fide purpose.
There were concerns that foreign portfolio investments coming via Mauritius would face increased scrutiny by tax authorities. Also, there were apprehensions that past investments could be covered by the amended protocol. The I-T department said some concerns have been raised on the India Mauritius DTAA amended recently. It stated ‘In this context, it is clarified that the concerns /queries are premature at the moment since the Protocol is yet to be ratified and notified u/s 90 of the Income-tax Act, 1961. As and when the Protocol comes into force, queries, if any, will be addressed, wherever necessary.’
Historically, Mauritius has been a preferred jurisdiction for engaging in investments in India due to the non-taxability of capital gains from the sale of shares in Indian companies until 2016. In 2016, India and Mauritius signed a revised tax agreement, which gave India the right to tax capital gains in India on transactions in shares routed through the island nation beginning April 1, 2017. However, investments made before April 2017 were grandfathered.
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