mauritius

Accounting regulator ICAI has set up a group of experts to suggest the government ways to deal with the menace of black money and retrieve the illegal money stashed in tax havens and overseas banks. Full Article

Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India's foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, the inflows from Cyprus were down by 44% to USD 913 million, according to the official figures. Full Article

Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mukherjee told PTI when asked whether the government is looking at the possibility of imposing levies on inflows from tax havens. Full Article

The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the documents have been handed over to Indian High Commissioner in Mauritius by the local authorities, while some more are expected soon which will be forwarded to the CBI. Full Article

Under intense pressure from the Opposition and the civil society on the issue of black money, the government on Monday said it has proposed re-negotiation by August of double tax avoidance pact with Mauritius, a route often said to be used to bring illegal wealth back to India. Full Article

Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official told PTI. Full Article

The CBI will file its final chargesheet on Rs 14,000-crore Satyam fraud after receiving responses to the Letters of Rogatory (LoR) seeking information in this regard from six countries, Parliament was informed on Thursday. The CBI is reported to have sent LORs -- a formal request sent from the court of one country to a foreign court for judicial assistance -- to six countries: the USA, the UK, Belgium , British Virgin Islands , Mauritius and Singapore . Full Article

The Income Tax Department is conducting investigations in the case of BCCI-IPL and the franchisees to ascertain the source of investments by the teams, taxability of the income earned, taxability of the award of media rights and to detect violation o Full Article