Switzerland-based FPIs to face higher dividend tax on India income

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Switzerland-based FPIs to face higher dividend tax on India income - Business Standard

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Foreign portfolio investors (FPIs) domiciled in Switzerland stare at a higher dividend tax of 10 per cent instead of 5 per cent on their India income after the European country announced its withdrawal of the beneficial tax rate.

Following a judgment by the Supreme Court in October 2023 on the non-applicability of refund of withholding tax to Nestle, Swiss authorities have now rolled back the unilateral reduction of withholding tax and suspended the unilateral application of the most favoured nation (MFN) clause with India under the Double Tax Avoidance Agreement (DTAA).“This might impact Swiss banks managing FPIs.