The Mauritius Revenue Authority (MRA) has launched a probe into the finances of at least seven investment managers (IMs) who advise funds on stocks in markets such as India. The MRA is said to be questioning the fees earned by the IMs and the extent to which income is transferred to entities in other countries. Mauritius previously attracted foreign investors thanks to its affordable fees and business-friendly laws. However, other jurisdictions embarked on a crackdown on tax havens prompting tax offices to seek substance in investment structures.
US stocks: US market sinks as bond yields rise, Walmart results disappoint
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