Mauritius

May 14, 2012

Offshore Tax Treaty Relief in India-Mauritius With the Postponement of New Rules

The Indian authorities will grant a stay of one year to the Indo-Mauritius tax treaty which is the backbone of our offshore center.

The General Anti-Avoidance Rules (GAAR) that would override the tax treaty and threatening the foundation of our offshore sector will wait another year before being adopted and implemented.

This seemingly good news only pushes twelve months the application of GAAR which has not been shelved. But this respite is always good to take because it gives us time to find and highlight other advantages, as our knowledge of the Indian market and our linguistic roots.

Failing this, our operators will also have time to address new markets. Mauritius has a network of more than thirty treaties of double taxation. But we must recognize that India is the fastest growing market. Great Peninsula is economically booming and in need of foreign capital to fuel its development. 
The African countries are far from this ideal profile. It was long believed in the idea that Mauritius could serve as a bridge between China and Africa. It is clear that China does not need us to invest heavily in the commodities sector on the continent.

No pun intended, the challenge for Mauritius is crucial. The offshore contributes about 5% of gross domestic product.Besides thousands of jobs. Without the offshore and the Indo-Mauritius treaty Mauritius may enter a recession , "says one observer of the economic life of the country for years and as operator in the offshore sector.

There is an association of American investors who wrote to New Delhi to seek clarification of his intentions. India continues to see its fundamentals deteriorate, particularly its trade balance. The Mumbai Stock Exchange is moroseé , "he says.

For the Indian press, the only certainty is that the government of that country returned the entry into force of GAAR but it remains unclear how this new provision will apply in practice. She recalled that the Indo-Mauritius tax treaty has allowed foreign investment in India of about $ 63 billion since 2000. This represents nearly 40% of foreign capital.

In principle, should the agreement of both countries to change the tax treaty, but with the GAAR India will change the rules unilaterally without touching the treaty. 

 

Text by lexpress.mu
 

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