ELP Podcast Series: Tiger Global Ruling and the Investor Lens: Reflecting on the India–Mauritius Tax Treaty

In this episode of ELP Podcast Series- Tiger Global Ruling and the Investor Lens: Reflecting on the India–Mauritius Tax Treaty, our Partner Rahul Charkha in conversation with Feroz Hematally, Head of Tax, IQ EQ, Mauritius unpacks the evolving jurisprudence surrounding the India–Mauritius tax treaty. Against the backdrop of landmark rulings—from Azadi Bachao Andolan and Vodafone to the recent Tiger Global decision—the discussion examines the continued relevance of Circular 789, the evidentiary value of a Tax Residency Certificate (TRC), and the implications for FDI, FIIs, and investment funds. The episode traces how the legal position has evolved since 2000 and assesses what investors should meaningfully take away from decades of litigation. The conversation further explores the Supreme Court’s observations on conduit structures, POEM, effective management and control, and the interplay between treaty benefits and GAAR. Rahul and Feroz analyse what constitutes “commercial substance” in the Mauritius context, including the relevance of employees, premises, expenditure, and the framework governing Global Business Licence companies under Mauritian law. They also discuss the potential for increased scrutiny by Indian tax authorities, limitation considerations, and practical guidance for investors—particularly those holding grandfathered investments—amid the pending ratification of the 2024 Protocol to the India–Mauritius DTAA.