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New On The Lowtax Network Today
This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below. |
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| TODAY 12/03: Lowtax
Costa Rica, annual update |
| 11/03 Estonia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 10/03 Lowtax
Labuan, annual update |
| 09/03 Word
Search Puzzle, on Lowtax |
| 08/03 Jobs
For All,
Jeremy Hetherington-Gore blog |
| 05/03 Belgium
Summary PBTG Guide,
added to Personal Business Tax Guide |
| 04/03 New
Lowtax Editor Column,
by Kitty Miv |
03/03  Personal
Business Tax Guide, PBTG, has launched!
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| Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers. |
| 02/03 Personal
Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
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| 24/02 Lowtax
Cyprus, annual update
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| 22/02 Lowtax
Brunei, annual update
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| 17/02 Dubai
- A Stately Business Dome Decreed, Investors Offshore special feature
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| 15/02 Lowtax
Australia,
major content expansion
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| 27/01 Lowtax
Germany, major content expansion
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| Lowtax Network Sites |
| Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Indian Tax Authority Considers Ways To Reduce Use Of Tax Havens |
by Mary Swire, Tax-News.com, Hong Kong
Friday, April 17, 2009
The Indian Central Board of Direct Taxes is investigating ways of acting against
roundtripping and treaty shopping, capitalizing on concerted attempts worldwide
to force greater disclosure on tax havens.
In the present climate of opinion among world leaders where greater transparency
is demanded of all the tax havens, India is examining its own financial relationships
with Mauritius and Cyprus in particular, which together account for 46% of total
inward direct investment into India in the last decade. In fact Mauritius overtook
the US in this period as the largest direct investor in India.
The Canadian High Commissioner to India acknowledged last week that, while
Canadian investment into India over the last ten years was USD 239m according
to official statistics, the actual figure, including money routed through the
tax havens, was more like USD 10bn (both inward and outward investment). The
Indian Tax authorities, buoyed by successful court decisions in their favour, including
billion dollar plus capital gains assessments on Mauritian companies such as in
the case of the Vodaphone Essar/Hutchison sale, are confident of generating
more tax revenue through enhanced disclosure of business activities in such
tax havens as Mauritius and Cyprus.
Investigations will centre on two main tax avoidance activities - 'roundtripping'
and 'treaty shopping'.
The Central Board of Direct Taxes has initiated a study of techniques around
the world for stemming the loss of tax revenue through tax havens. Countries
such as Singapore and Canada have negotiated general anti-avoidance rule (GAAR)
clauses in their tax treaties which provide for scrutiny in detail of transactions
and a limitation of treaty benefits to those investors who fail to comply with
anti-tax avoidance criteria. The US has legislation that allows it to set additional
taxes on investment income paid out to tax havens where it deems that the recipient's
ownership structure was set up purely for tax avoidance reasons. The Indian
Government may also consider a limitation of benefit clause in its tax treaties.
Through this clause, the government can impose specific conditions to ensure
that income recipients in tax havens are something more than brass plate operations.
Amendments to the UAE-India tax treaty came into force in 2008 covering, for
example, capital gains tax (to be applied in the country where the majority
of physical assets are situated). However Mauritius has resisted strongly amendments
to its double taxation avoidance treaty with India until now. After failing
in its attempt to amend the tax treaty, the Indian government has sought other
ways to prevent abuse of tax treaties, which may eventually lead to new tax
laws in the next Budget. “We should endorse sharing information and bringing
tax havens and non-cooperating jurisdictions under closer scrutiny,” Prime
Minister Manmohan Singh said at the G-20 dinner. Politicians from other parties
have also expressed agreement in taking measures to stop excessive tax evasion
through tax havens.
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| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
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Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
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