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Mauritius Round-Tripping Grumbling Continues,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, November 07, 2008
A proposal by Japan Tobacco International's Mauritius operation to increase
its stake in its Indian arm from 50% to 74% has come under fire from several
sides.
The proposed increase, currently under consideration by India's Foreign Investment
Promotion Board (FIPB), has been cautioned against by the Finance Ministry,
which argued that allowing such a move would constitute a tacit approval of
'treaty shopping', a particular bugbear of the Indian authorities when it comes
to companies routing investment via Mauritius.
The tax treaty between Mauritius and India, which had underpinned the emergence
of Mauritius as the dominant channel for foreign direct investment (FDI) into India, first came under attack
from Indian tax authorities in 2002 as a result of alleged abuses by Indian-resident
investors, and has been a source of controversy ever since.
In addition to the objections to the proposed stake increase from a tax point
of view, the Health Ministry has also weighed in, calling for tougher FDI restrictions
on tobacco manufacture, or even a complete ban on foreign investment in the
sector.
The matter is being reviewed by the cabinet, but the outcome for Japan Tobacco
International specifically, and for the tobacco manufacturing sector generally,
remains uncertain.
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