A resident is defined in section 1 of the Income Tax Act No. 58 of 1962 (“the Act”). The definition includes a place of effective management test as one of the tests to determine the residence of a company. In terms of the definition a company that has its place of effective… – Continue reading
The quest of African countries to carry out economic stability and transformation is threatened by illicit financial outflows through tax evasion and avoidance, a UN expert observed here on Thursday. He said the draining of tax revenues and scarce foreign exchange resources stifled growth and socio-economic development and weakened governance…. – Continue reading
New Delhi: The Income Tax department has rebutted Vodafone’s notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues. “Tax department has sent its response to Vodafone saying BIPA does not cover tax issues,” an official source said. The response to the Bilateral Investment… – Continue reading
(Reuters) – The central bank governor of Mauritius has publicly criticised delays in the island’s efforts to develop Islamic finance, saying such “foot-dragging” could deprive the financial sector of chances to grow and increase risks. Governor Rundheersingh Bheenick said in an annual letter to stakeholders that legislation was needed to… – Continue reading
Despite National Treasury’s silence on proposed changes to trust legislation in Wednesday’s Budget, a review is still firmly on the agenda, tax experts say. Fatal Limpopo blast caught on camera Related Stories ANC will not reveal its election budget 4.3.2014 Should you still invest in listed property unit trusts? 1.3.2014… – Continue reading
The Vodafone tax issue has affected investor sentiments towards India: ABAX Corporate CEO NEW DELHI, FEBRUARY 26: The Vodafone tax dispute and General Anti-Avoidance Rules have impacted investor sentiment badly. Coupled with the delay in revising the Double Taxation Avoidance Agreement (DTAA) with Mauritius, fund flow from the island-nation has… – Continue reading
A documentary on the working of tax havens in the context of the double taxation avoidance treaty between India and Mauritius reveals that while India may have received foreign investments due to the treaty, tax losses on its account run to the tune of tens of thousands of crores. Is it worth… – Continue reading
The chickens are quietly coming home to roost. In Europe, that is. For a long time, multinational companies have created shell companies – those offices where, beyond furniture and a teapot, there is hardly any business going on – to mainly pay lower tax and move illicit funds. These opaque… – Continue reading
The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading
PORT LOUIS, Feb 18 (Reuters) – Mauritius’ top finance officials on Tuesday sought to end a monetary policy rift that could damage the Indian Ocean island’s economy as it tries to broaden its base to offshore banking from tourism alone. Finance Minister Xavier Duval and Central Bank Governor Rundheersing Bheenick disagree over whether to… – Continue reading
You may soon be able to invest in a wider range of foreign-domiciled unit trust funds that have been approved by the local regulator, but, in the short term, there may be fewer options if you want to gain exposure to offshore markets by investing in funds that are denominated… – Continue reading
SOUTH Africans who have in recent years bought holiday pads in Mauritius, typically with price tags exceeding R10m, have been handsomely rewarded on the capital growth front. While most of the world’s housing markets are still recovering from the credit crisis-induced property slump, average prices in integrated resort scheme developments… – Continue reading
The Government on Tuesday said efforts were being made to find mutually acceptable solution to address India’s concerns while revising the tax treaty with Mauritius. The Government has proposed to review the India-Mauritius Double Taxation Avoidance Convention (DTAC) to incorporate amendments to the pact for prevention of treaty abuse and… – Continue reading
Government today said efforts are being made to find mutually acceptable solution to address India’s concerns while revising the tax treaty with Mauritius. Government has proposed to review the India-Mauritius Double Taxation Avoidance Convention (DTAC) to incorporate amendments to the pact for prevention of treaty abuse and to strengthen the… – Continue reading
State Minister Ambassador Berhane met on Monday (January 27) with Mr. Deepak Obhrai, Parliamentary Secretary of the Foreign Ministry of Canada. Their discussions focused on strengthening the bilateral relations between Ethiopia and Canada. Mr. Obhrai said he appreciated the growing relationship between the two countries and was looking for additional… – Continue reading
Investors are adopting a “wait and watch approach” in routing their money through Mauritius into India amid bilateral tax treaty uncertainties, which is also impacting the island nation’s financial services sector. According to a leading industry body – Global Finance Mauritius – continuing uncertainties over the tax treaty with India… – Continue reading
SA faces serious competition. It’s worth taking note of Mauritius’s move to position itself as an attractive destination for financial services. With a population of just 1.3 million, the island boasts 21 banks, including such global names as HSBC, Standard Chartered, Barclays, Deutsche Bank and South Africa’s own Investec and… – Continue reading
The Authority draws attention to the following website, http://www.investonline.net/ and to the fact that contrary to what is being advertised on this website, the company under the name Invest Online Ltd is not registered and/or licensed by the Authority under the International Business Companies Act, 1994 as amended. Members of the… – Continue reading
