The Ministry of Finance on January 04, 2024, issued a notification regarding the activity of investment in a financial product by the non-resident.
The following has been stated:
• It has stated that a contract with such non-resident entered into by a capital market intermediary, being a Unit of an International Financial Services Centre, where the income from such investment is received in the account of the non-resident maintained with the Offshore Banking Unit of such International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which states “Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre”.
[Notification No S.O. 66(E)]
