New Delhi: The Finance Ministry met representatives of foreign portfolio investors (FPI) and deliberated on their concerns over taxation against the backdrop of India signing revised tax treaty with Mauritius this week.

“Met FPIs with (Revenue Secretary Hasmukh Adhia) for an intense discussion on tax concerns such as GAAR, tax treaties’ implications, etc,” Minister of State for Finance Jayant Sinha tweeted.  The meeting came amid concerns being expressed by tax experts about the taxation of Participatory Notes (P-Notes) and the impact which the treaty revision can have over investments from other countries, including Singapore, Cyprus, and other low tax jurisdictions.

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