Category: Mauritius

Cyprus: Cyprus India Relations – Cyprus May No Longer Be A Tax Haven For Funds Or May It?

A publication in the Economic Times has caused much debate in India since after blacklisting Cyprus for not sharing information on tax evaders, India is now looking to take away the favourable tax treatment available to investors from the European tax heaven under the bilateral tax treaty between the two… – Continue reading

Nations may come together to stop abuse of tax pacts

NEW DELHI: India’s attempts to amend tax treaties with countries such as Mauritius may have drawn a blank so far, but its efforts are about to get a huge boost with several nations getting together to ramp up work on a global convention to plug treaty abuse. “Multilateral convention will… – Continue reading

Hiding places where Indian black money is concealed

Aparajita Basak, the manager, of research analytics, innovation and knowledge centre at Frost & Sullivan, talks about the use of tax havens across the world for Indian black money. What kind of role do tax havens play in black money in terms of Indian companies and individuals? Across the world,… – Continue reading

UK aid investments target tax havens

Private sector arm of DfID and other EU development institutions channel significant investments to offshore havens, study finds More than two-thirds of the investments made by the private sector arm of the UK’s aid programme last year were channelled through “notoriously secretive” tax havens, according to a report that calls… – Continue reading

Indian Government Loses Major Tax Case to Vodafone

Vodafone sign in India. Photo: Ishan Khosla. Used under Creative Commons license. Vodafone recently won a rare – but potentially very significant – victory over Indian tax authorities. The Bombay High Court dismissed the government demand for the company to pay 30 billion rupees (about $490 million) for a share… – Continue reading

Double taxation agreements and treaty shopping

The taxation of a person is based on two principles: Source and Residence. A person for tax purposes includes an individual, trust, company, partnership and any form of business arrangement one chooses to take on. It should be noted that with globalisation, there is a constant mix of these two… – Continue reading

Foreign Minister Sushma Swaraj to visit Mauritius, Maldives over the weekend

NEW DELHI: Ahead of External Affairs Minister Sushma Swaraj’s three-day visit to Mauritius from tomorrow, India today said amendments to the bilateral tax treaty with the island nation would be made only after taking into account the “legitimate interests” of both sides. Swaraj will also be visiting Male and hold… – Continue reading

Europe’s tax haven investments in Africa

In front of European Commissioners, leading politicians, chief executives of huge multinationals, senior bank bosses and billionaires, the Egyptian investment tycoon was asked to set the tone of the forum, a three-day lobbying event funded by the EU. Dr Heikal is founder and chairman of Qalaa, an African investment fund… – Continue reading

Where did all the black money come from and how did it get out of India?

Hawala networks are being replaced by sophisticated transfer pricing approaches. The image is easy to envision. Corrupt politicians, crooked corporate honchos and evil criminals stashing away their ill-gotten gains in shady Swiss banks. Thousands of crores of rupees that should be earning India tax revenue wilfully being hidden from authorities… – Continue reading

Bellary miners in ‘blacklist?’

Bellary: While Union finance minister, Arun Jaitley has warned the  Congress it could be embarrassed once the names of people holding illegal foreign accounts are made public,  local mining industry sources say the BJP too could be in for some embarassment  as its once powerful leader and jailed mining czar,… – Continue reading

Why it’s difficult to bring black money back

The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading

Fresh affidavit on black money in SC today: What the debate is all about

An informed, mature and realistic debate on black money is too much to ask for in a country where the issue attracts intense, almost emotional public reaction. It does not help when political games and systemic problems in the economy that aid tax evasion and stashing of illicit money in… – Continue reading

The Singapore-India Connection: A Robust Past and a Compelling Future

In determining the optimum gateway for investing into India, reliance on industry data may be the most prudent opening gambit. Data released by India’s Department of Industrial Policy & Promotion peg Mauritius and Singapore as the top two destinations through which foreign direct investment and private equity capital is routed… – Continue reading

Davis Tax Committee mulls ways to ‘detect and deter’ corporate tax avoidance

The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted on Monday that recommendations were being considered to “detect and deter” tax-avoiding financial flows. Speaking at a G20 study… – Continue reading

Switzerland Extends Olive Branch To India On Tax

Swiss authorities have confirmed that, if asked, they will assist India in efforts to confirm the genuineness of bank documents and will swiftly provide information on requests relating to non-banking dossiers. The commitment was made in a joint statement following a meeting between the Swiss State Secretary, Jacques de Watteville,… – Continue reading

Steris, the latest to renounce U.S. Citizenship, Only Paid a 16.3% Tax Rate Over Three Years

After announcing Ohio-based Steris Co.’s plans to become British for tax purposes on Monday, CEO Walter Rosenbrough later said on a conference call, “We’re not typically users of aggressive tax policies and I don’t think we are here.” That’s his story, and he’s sticking to it. But even a cursory… – Continue reading

India’s challenge on corporate taxation

Foreign investors, not to mention the country itself, need a more stable and predictable regime Foreign companies are depressingly used to run-ins with the Indian taxman. A string of groups, including Vodafone, IBM and Cairn Energy, have been hauled into the dock for not paying their dues in recent years…. – Continue reading

Kenya: NGO Moves to Court Over Double-Taxation Agreement

Tax Justice Network Africa, which campaigns against harmful tax policies that favour the wealthy and perpetuate inequality, has moved to the High Court to stop a double-taxation treaty between Kenya and Mauritius. Mauritius is a popular tax haven for companies with multinational operations, tilting scales against countries that sign bilateral… – Continue reading

Lobby sues Treasury CS over ‘illegal’ tax deal with Mauritius

A tax civil society has sued National Treasury Secretary Henry Rotich over an ‘illegal’ agreement signed with Mauritius, in a major litigation that could affect thousands of companies operating in Kenya. The suit filed at the High Court by Tax Justice Network-Africa (TJN-A) demands that Rotich withdraws a taxation treaty… – Continue reading

Kenya: KRA After Sh30 Billion in Audit of Companies

The taxman is willing to “negotiate and strike a balance” with multinationals being audited for transfer pricing misconduct, a drive it says has a potential to realise over Sh30 billion. The Kenya Revenue Authority told a workshop organised by the Association of Chartered Certified Accountants in Nairobi that this will… – Continue reading

Mauritius eyes more India investments, lures film industry

Port Louis: Pitching itself as the gateway for Africa, the scenic Mauritius is looking to attract more Indian investments across diverse sectors, including education and deep sea mining segments.The island nation provides “liberalised investment procedures and ease of doing business” while film shooting is another area that offers benefits for… – Continue reading

Government seeks banking information on 97 cases from Mauritius in one year

PORT LOUIS: Mauritius has provided details on majority of information requests received from Indian authorities in the last one year, according to a government official. India has concerns that Mauritius, which is one of the top sources of foreign direct investments into the country, is being used for round-tripping of… – Continue reading

Mauritius, India in talks to address tax treaty concerns: FSC

PORT LOUIS: Dispelling ‘misperceptions’ that Mauritius is a tax haven, its financial sector regulator has said the island nation is in discussions with India to address concerns and make changes to the bilateral tax treaty. Emphasising that the country provides stability and predictability for investors, Mauritius’s Financial Services Commission (FSC) sought to… – Continue reading

From today, a new beginning to end global bank secrecy: G20

CAIRNS/AUSTRALIA: India may have scored a big win in its efforts to receive information on black money stashed away overseas as the G20 grouping of nations is set to endorse on Sunday a framework for automatic exchange of information on bank accounts, putting an end to global bank secrecy. A… – Continue reading

India Continues Tax Dispute With Cyprus and Mauritius

India has seemingly reached an impasse with both Cyprus and Mauritius over the re-negotiation of their respective double taxation avoidance agreements (DTAA). For the former, the disagreement relates to Cyprus’s status as a notified jurisdictional area (NJA) in India, whilst for the latter, it pertains to the update of their… – Continue reading

Small island nations Mauritius and Seychelles considered good prospects for foreign direct investment

(Seychelles News Agency) – According to a new report by the United Nations Conference on Trade and Development (UNCTAD), Seychelles and Mauritius are two of the most attractive small island developing states for foreign direct investment (FDI) due to the competitive advantages they offer to foreign capital. SIDS which are… – Continue reading

Mauritius: The Privy Council Interprets Key Provisions Of Mauritian Anti-Money Laundering Legislation

In Beezadhur v The Independent Commission against Corruption and anor [2014] UKPC 27, the Privy Council dismissed an appeal by a retired nurse who was charged with and found guilty by the Intermediate Court of Mauritius of five offences under sections 5(1) and 8 of the Financial and Anti-Money Laundering Act 2002… – Continue reading

Black Money issue – SIT on a Wild Goose Chase?

More to the point, extant global financial architecture facilitates transfer of illicit money through the Hawala route first to a Tax Haven, only to launder it in specialised locations like London. “There are 42,800 persons – let me repeat, only 42,800 persons – who admitted to a taxable income exceeding… – Continue reading

Facing up to Fatca

This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading

Govt eyes more tax holiday deals

FRANCISTOWN: Government’s negotiations with other countries to sign Double Taxation Avoidance Agreements (DTAA) are underway to ensure investor benefits from tax holiday incentives continue, Boniface Mphetlhe of Ministry of Trade and Industry (MTI) has said. The Deputy Permanent Secretary in MTI, Mphetlhe, was speaking on the topic of Botswana Investment… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Double Tax Arrangements in Nigeria: Imperatives for a wider network

THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading

First landmark ruling on Indian indirect transfer taxes! Delhi High Court restricts their applicability

The Delhi High Court upholds the non-taxability of gains from sale of shares of overseas entities by the Copal Group to the Moody’s Group. Interpretation of the indirect transfer tax provisions in a restrictive manner. 50% threshold for substantiality based on guidance by OECD/ UN material and Shome Committee Report… – Continue reading

Reduce Your Tax Burden Through Property Investment in Mauritius

PORT-LOUIS, Mauritius, August 6, 2014 /PRNewswire/ — Living on a paradise island has always been your dream? Don’t look any further. Mauritius is the right destination. Located in the pristine turquoise waters of the Indian Ocean, Mauritius is a small tropical island, only 12 hours of flight from Paris. Since… – Continue reading

Mauritius to address India’s concerns over abuse of tax treaty

NEW DELHI: Mauritius has said that it will address India’s concerns over the abuse of the lucrative tax treaty between the two countries, promising measures to ensure that benefits are available only to genuine investors. The island nation has proposed a stringent limitation of benefit clause in the Double Taxation… – Continue reading

Mauritius PM says will allay India’s concerns on roundtripping of funds

Navin Ramgoolam discussed issue of long-pending treaty re-negotiation with his Indian counterpart Narendra Modi in their bilateral meeting today Mauritus on Tuesday said it was determined to allay India’s fears on round tripping of funds, by incorporating adequate safeguards in the India-Mauritius tax treaty. The island nation said it had… – Continue reading

Mauritius decided to provide automatic tax information exchange to India

Mauritius on 27 May 2014 decided to provide automatic tax information exchange to India. The decision was announced by the Prime Minister of Mauritius Navin Ramgoolam after his meeting with Prime Minister of India Narendra Modi. Navin Ramgoolam was in India to attend the swearing-in ceremony of Narendra Modi as… – Continue reading

Mauritius to provide automatic tax info exchange for India

Mauritius to provide automatic tax info exchange for India Ramgoolam, who was here to attend BJP leader Narendra Modi’s swearing-in as Prime Minister yesterday, also said that Mauritius would not allow anybody to abuse or misuse its jurisdiction for any illicit activities. Seeking to allay apprehensions about Mauritius being used… – Continue reading

iCreate and Convey team up to help global banks fast-track FATCA compliance

• Partnership creates end-to-end solution for enabling and ensuring FATCA compliance, including: data consolidation, indicia identification, additional KYC data/document capture, alerts/notifications and dashboards to monitor compliance, withholding calculations and remittance, and tax reporting. Banking analytics, risk and compliance pioneer, iCreate, today announced a strategic partnership with tax information reporting leader,… – Continue reading

Mauritian firm Ireland Blyth says Indian tax rules affecting investment

Mauritian conglomerate Ireland Blyth IBLP.MZ says uncertainty over new tax rules by key trading partner India has affected its business by putting off investors using the Mauritius financial center to invest in India. Nicolas Maigrot, chief executive of the group which has a wide range of interests in financial services,… – Continue reading