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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