Collective investment schemes (CISs): Tax rules need to be attractive and neutral to investors (channel savings into investment; not put investors in a worse situation than if they had invested directly); but also need to consider treatment of investment management activity to encourage local management of CISs.
Pension funds: Exempt/exempt/taxed (EET) system or otherwise.91
Insurance companies (life and general): assess relative tax treatment/neutrality of long-term savings made through a life insurance policy when compared to other investment options.
Other investors, including local (e.g. financial institutions) and foreign investors (e.g. SOEs, family offices etc.).