Mauritius

March 29, 2012

Offshore: Mauritian Professionals Criticize the New Indian Regulations

After the threat of the General Tax Code, which would override the tax treaties signed by India, the authorities of the Great Peninsula present the General Anti Avoidance Rule (GAAR). A new project that will have a negative impact on the Mauritian Offshore.

The finance specialists usually criticize this project will be to the detriment of India itself, they say. Among the critics are famous names like Ernst & Young and JP Morgan, to name a few. 
Indian Finance Minister Pranab Mukheerjee, trying to minimize things: the GAAR may be amended, according to the evolution of situation.

But it by no means reassuring the Indian market - the Indian stock market has plunged - or operators of the Mauritian offshore. Foreign investors who use the Mauritian jurisdiction to invest in India are reluctant because they do not like uncertainty.

Mauritius accounts for 40% of capital flows in the Great Peninsula through the transmission belt offshore. 
According to observers, mainly international firms in finance, India was shot in the leg because it will the main loser. Tax gains it expects will be far below the profits of foreign investments.

It's called: let slip the prey for the shadow. The president of the association of operators of offshore Hawabhay Kamal, President of the Association of Trust and Management Companies (ATMC) is full of criticism of the new Indian law.

There was the Direct Tax Code. The government had instituted a 'Financial Standing Committee, which made ??recommendations just before the budget. The Indian parliamentarians wanted to postpone the Direct Tax Code , "said Kamal Hawabhay.

But the finance minister maintained the GAAR. Mauritius accounts for 40% of capital flows that go to India through offshore. Indian authorities want to tax revenues. But this overlooks the fact that nothing is free. You can not have butter, butter money!

The Indian government wants to tax because it needs capital. But we have case law for us and there is substance in our offshore operations. We are far from a mailbox , "says Kamal Hawabhay.

 

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