India to tax buyback exits by foreign investors
India plans to impose a 20% withholding tax on foreign investors in private companies who exit their holdings through a buyback of shares. Investments routed through jurisdictions such as Mauritius and Singapore to take advantage of double tax treaty benefits have in some cases avoided tax payments because buybacks are classified as capital gains.
"Some tax avoidance arrangements have come to notice, and I propose to plug the loopholes. Some unlisted companies have avoided dividend distribution tax by arrangements involving buyback of shares. I...
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