be taxed at 50 of indias domestic tax rate however this concession would not be available to companies that were set up primarily for tax treaty abuse or to shell companieswhile referring to the challenges being faced by financial services industry from the international community the oecd and the european union mauritius pm pravind kumar jugnauth said his country would gear up to face these challenges and ensure adherence to international requirements we are also taking measures to further enhance the reputation of mauritius as a jurisdiction of substance currently a gbc1 company must fulfil at least one of six criteria established by the financial services commission fsc to demonstrate substance they will henceforth be required to fulfil at least two of the criteria thus making the guidelines more stringent on the substance requirement he statedwe will also reform our tax regime for global business companies so that it evolves and meets the new international requirements he added in his speechindia appreciated in speechreferring to the 500million financial support from india in his budget speech mauritius pm jugnauth said let me highlight that this year again we are getting an exceptional financial support from the goi government of india to implement several key development projects and programmes the line of credit of 500 million bearing an annual interest rate of 18 will be made available to the sbm mauritius infrastructure development company for investment in redeemable preference shares these shares will be issued by psus implementing infrastructure projects and will have a redemption period of 20 years with an initial grace period of seven years his speech stated