Though Mauritius and Singapore are losing some of their relevance for offshore funds and investors, they still continue to play an important role as they still enjoy some tax benefits.
But, big banks are preferring France as they want to carry out all investments from a single jurisdiction, the report stated, explaining that the move stems from fears that the Income Tax Department may invoke General Anti-Avoidance Rules (GAAR) for equity and derivative trades routed via two separate tax friendly countries.
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