World | Asia

January 10, 2013

Treaty of Double Taxation: Mauritius Unveil the Names of Indian Freeloaders

As expected, the treaty of non-Indo-Mauritius double taxation has once again been put back on the carpet during the visit of President of Mauritius, Kailash Purryag in the Great Peninsula.

Mauritius seems to do everything possible to reassure New Delhi and preserve this agreement century old, to agree to disclose the identities of those using any shell companies.

India Today in its Wednesday edition, reveals that after several European countries have agreed to provide the names of freeloaders tax to the Indian government, Mauritius could follow in their footsteps. By highlighting these shell companies using Mauritius.

If this is the case, it will be a major asset for efforts to reduce the threat of black money and money laundering.

The paper argues that the treaty was discussed at various meetings of the President of Mauritius last week, including Prime Minister Manmohan Singh and President Pranab Mukherjee.

"We have raised the issue to the effect that some of these shell companies abuse the terms of the treaty, and President Purryag has indicated its willingness to stop the 'round-tripping' and promised to share tax information to fight against the flow of black money, "said an official in the India Today.

Currently, about 37% of foreign direct investment in India comes through Mauritius.

India and Mauritius have annual bilateral trade to $ 4 billion, India is the main supplier of petroleum products in Mauritius. "During the discussions, the Mauritian officials said about 15,000 are employed by local companies investing in India through Mauritius and offshoring measures that can be taken by New Delhi against those who violate the law," says the 'India Today.

A joint working group consisting of Mauritian and Indian officials was formed in 2006 to put in place adequate measures to prevent the misuse of the Treaty. However, problems have never been solved. Eight rounds of discussions have taken place and New Delhi is still trying to work out a solution acceptable to address its concerns leakage of tax revenue.

If a date has not yet been decided that it is in the next round of negotiations, the lobby Mauritian Indian land should continue. The Finance Minister Xavier-Luc Duval, will fly to India during the first quarter of this year to sign a 'Tax Information Exchange Agreement'.

"We received a lot of criticism saying that we do not work in terms of information exchange. This is not true! This is why we have to dot the i's by signing this agreement that has already been finalized, "said the Minister of Finance of Mauritius.

According to the latest Statistics Bulletin of the Financial Services Commission, there were 31 December 2011, 158 'Management Companies' in Mauritius.

The assets of these management companies totaled $ 165 million in 2011 (nearly Rs 5 billion), an increase of 16% compared to the previous year (2010). Total income management companies has increased 5% from $ 157 million in 2010 to $ 165 million in 2011. Reported earnings by management companies in 2011 amounted to $ 43 million (Rs 1.3 billion), compared to $ 46 million (Rs 1.4 billion) in 2010.

Round-tripping or Lazy Susans

Round-tripping, also known as 'Lazy Susans' is defined by Wall Street as a transaction through which a company sells an asset or assets to another company with like agree that the first company can recover the property, a same price. Companies that use round-tripping to distort the market by preparing false marks on their income and avoid tax in their country, using as a platform the transaction center offshoring as Mauritius.

Losses of more than Rs 3.5 trillion for India in 10 years

According to the latest report, Illicit Financial Flows from Developing Countries, 2001-2010 ', India is the eighth victim of global dirty money or black. India has lost about U.S. $ 123 billion (Rs 3.5 trillion) between 2001 and 2010. But the first victim global China with a shortfall of about 2.7 trillion U.S. dollars.

 

 

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