Cyprus And Singapore Vie With Mauritius For Position As Indian Gateway
Following the recent announcement that the Indian government is seeking to
renegotiate the terms of its double taxation avoidance agreement (DTAA) with
Mauritius, reports in the regional media have suggested that both Cyprus and
Singapore have their eyes on the Indian Ocean jurisdiction's crown as privileged
gateway to the Indian market. Accpording to a report published on Friday by India's Economic Times, part
of the reason for Cyprus' growing popularity is that it presents a convenient
entry point for European investors, having become a member of the European Union
earlier this year. An unnamed foreign investor appeared to confirm this, telling the newspaper
that: "Cyprus now fulfils all OECD norms and the EU Code of Conduct. With the
recent revisions to its corporate law, it is excellently positioned as an entry
level jurisdiction for anyone seeking to do business, especially FIIs operating
in India." Singapore, meanwhile, is likely to benefit from its planned comprehensive economic
cooperation agreement (CECA) with India, which, if the Mauritian authorities
do not agree to re-examine their tax agreement with India, could involve a revamp
of the Singapore-India DTAA to include additional tax benefits. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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