World | Asia

March 04, 2013

After Ambiguous Announcement, Indian Minister of Finance Reassures the Mauritian Offshore

A sentence pronounced by the Indian Minister of Finance during the budget presentation, surprised offshore operators in Mauritius and the Indian stock market is falling. Palaniappan Chidambaram was quick to rectify the situation and reassure the market.

Indian Minister of Finance announced in the 2013 budget, presented on Thursday 28 February, a certificate of residence is necessary but not sufficient to claim tax benefits under treaties to avoid double taxation. This announcement has pushed the Indian stock market to its lowest level in three months and also surprised Mauritian offshore companies.

In saying this, Palaniappan Chidambaram, questioned a vital part of the non-double taxation. In order to combat tax evasion, New Delhi requires companies investing in India via Mauritius with a certificate of residence. This certificate is issued by the Mauritius Revenue Authority (MRA) and is recognized by the Indian authorities.

Indian Minister responded quickly to clarify this announcement. In the Business Standard, he said that the taxation of investment from Mauritius the status quo is maintained until the renegotiation of the treaty not doubling taxation. " We do not undertake unilaterally. (..) The negotiations are ongoing , "he would say.

On CNBC-TV18, Palaniappan Chidambaram should be added that Mauritius should not be the preferred channel of investment in India. "The investments from more than 100 countries. I do not think Maurice is or should be the preferred route of investment. There are other possibilities, but it is true that Mauritius offers some advantages for investors. If its real benefits accrue to Mauritian residents and businessmen, we would not complain, "should add the Indian Finance Minister.

 

Text by lexpress.mu
 

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