The Presentation was focussed on the use of low or nil tax jurisdictions typically known to be as Tax Havens by Big Corporate to meticulously route their revenue and using instruments like Double Dutch Sandwich to evade taxes.
Tax Havens , Major Tax Havens around the world.JASEEM LAL
What is a Tax Haven
OECD Criteria for a Tax Haven
Characteristics of a Tax Haven
Uses of a Tax Haven
Legal entities in a Tax Haven
Major Tax Havens around the world
Types of Tax Havens
Examples: Types of Tax Havens
# Cayman Islands
Effects of Tax Havens
Four Reasons Of Tax Havens Are Good
The response of Governments
OECD objectives
Is there a future for Tax Havens
Tax haven is creating a lot of scope for money laundering and tax evasion. Money Laundering is treated as a crime whereas tax evasion is not treated as crime and there is no strict legal action. Tax haven affects in lower tax collection by countries. The money which should be spent on people is enjoyed by certain group of people.
Tax Havens , Major Tax Havens around the world.JASEEM LAL
What is a Tax Haven
OECD Criteria for a Tax Haven
Characteristics of a Tax Haven
Uses of a Tax Haven
Legal entities in a Tax Haven
Major Tax Havens around the world
Types of Tax Havens
Examples: Types of Tax Havens
# Cayman Islands
Effects of Tax Havens
Four Reasons Of Tax Havens Are Good
The response of Governments
OECD objectives
Is there a future for Tax Havens
Tax haven is creating a lot of scope for money laundering and tax evasion. Money Laundering is treated as a crime whereas tax evasion is not treated as crime and there is no strict legal action. Tax haven affects in lower tax collection by countries. The money which should be spent on people is enjoyed by certain group of people.
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
Residential property can be a lucrative business, but profits or gains will be subject to tax. In this post we discuss some of the property tax planning options, including using limited companies or LLPs, trading vs investment property, capital gains tax and entrepreneurs relief.
SA CONSULTANTS presents a New Webinar Series on Corporate Tax Under 30 Minutes
Join our free live sessions where we will have multiple market leaders speaking on corporate tax in the United Arab Emirates.
Save the date for Saturday, February 05,2022 at 3:00 pm (UAE)
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International Tax Planning as Viewed through the Eyes of BEPSLewis Rice
Lewis Rice attorney Timothy G. Stewart co-presented to the St. Louis International Tax Group on the OECD's efforts to address Base Erosion and Profit Shifting.
Introduction to Entrepreneurship, Keith Lawrence MillerKeith Miller
An Entrepreneur is someone who organizes a business venture
This business introduction will provide you with the tools you need for Entrepreneurial Success.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax- efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
A lucid and attractive presentation on the topic - "Ease of Doing Business in India". Discussion is done on both the basics as well as the nitty-gritty of the topic.
1. Tax Havens: Heaven to Evade Taxes
A Mystery in Itself
[An Exploratory Research of the Study]
A Presentation by Prakash Soni
April 2016
2. Analysis of Tax
Havens
02
Basic Overview
Objectives of the
Project
Introduction
01
Impact of Tax
Havens on Indian
Economy
03
Impact of Tax
Havens on Global
Economy
04
Inferences on Tax
Havens
05
3. Introduction
A tax havens, once described as “sunny places for shady
people”, are country or territory where certain taxes are
levied at a low rates or not at all.
The term ‘tax haven’ does not have a comprehensive
definition. This is primarily because of the comparative
nature of tax benefits provided by any jurisdiction. Because of
the relative nature of the advantages provided, every country
may be a tax haven to some degree.
A Presentation by Prakash Soni
4. Objective of the Study
The aim of the study is to bring out the importance and
impact of Tax Havens on the booming economy. The
Study is broadly divided into three main categories:
• To understand the basis working of the Tax havens and
how multinationals use it.
• To understand its impact on the Indian Economy.
• To understand its impact on the Global Economy.
A Presentation by Prakash Soni
5. Definition
Advantages of Tax
Havens
Types of Tax Havens
vis-à-vis Examples
Effects of Tax Havens
Tax Avoidance
through Tax Havens
Measures to Stop
Abuse of Offshore Tax
Havens
Analysis of Tax Havens
02
Impact of Tax
Havens on Indian
Economy
03
Impact of Tax
Havens on Global
Economy
04
Inferences on Tax
Havens
05
Introduction
01
6. All Tax Havens have these things in Common
which does not levy any tax / levies very small tax
which has no controls on foreign exchange movements
which has a legal system that ensures secrecy
which permits foreigners to open companies & other entities
which makes laws specifically designed to help “financial
engineering”, “creative accounting” and “tax avoidance”
Which signs DTAA with several countries & facilitates Treaty
Shopping.
A Presentation by Prakash Soni
7. Advantages of Tax Havens
Levy no significant taxes or levies very minimal tax
rates.
Tax income refers to the income earned in the company
only.
Some jurisdiction have tax treaties with other
contracting countries which gives them additional
benefits.
Provides Special Tax Incentive to Offshore Business
Setups.
Country can do world of good to its Economic
Condition
A Presentation by Prakash Soni
8. Types of Tax Havens vis-à-vis Examples
Sl. No. Types of Tax Havens Examples
1 No corporate tax Bermuda, Cayman Island
2 Low-taxed Countries Hong Kong, Ireland, Jersey
3
Jurisdictions with no (or very few) tax treaties that offer
nil (or very low) or negotiated tax regimes for offshore
entities
British Virgin Islands, Cook Islands, US
Virgin Islands
4
No or nil tax regimes for offshore companies with the
benefit of tax treaties
Cyprus, Malaysia, Mauritius
5
Fiscally beneficial regimes for intermediary holding
finance or licensing companies with full benefits of treaty
network
Austria, Belgium, Denmark, France,
Germany
A Presentation by Prakash Soni
9. Types of Tax Havens vis-à-vis Examples – Contd…..
Sl. No. Types of Tax Havens Examples
6
Special tax concessions for entities engaged solely in
management services and coordination activities for
multinational activities
Belgium, Denmark, France, Germany,
Malaysia
7 Jurisdictions with fiscal incentive for new residents Ireland, Israel
8 Retirement havens for high net worth individuals Cyprus, Sri Lanka
9
Offshore jurisdictions for estate planning or asset
protection trusts
Bahamas, Cayman Island
10 Special incentives for shipping operations Singapore, Cyprus
11 Encourage captive insurance activities Ireland, Mauritius
A Presentation by Prakash Soni
10. Effects of Tax Havens
Money Laundering
Tax Avoidance
Terrorist financing
Treaty Shopping
Round Tripping
Misuse of Corporate Vehicles
Threats to stability of financial System
A Presentation by Prakash Soni
11. Tax Avoidance through Tax Havens
Whenever the topic of tax avoidance is discussed the
first thing that comes in our mind is the Tax Havens.
The MNCs use the tax havens in basically following
manner:
• Shifting of Trading Profits
• Shifting of Capital Gains
• Round Tripping
A Presentation by Prakash Soni
12. Shifting of Trading Profits
This is an ongoing exercise. The trading profits are transferred on a regular basis.
In simple words it involves under invoicing incomes in a taxing country like India; over
invoicing expenses & shifting the resultant profits to a tax haven or a tax free entity.
Let us explain the concept of Shifting of Trading Profits – Transfer Pricing with help of a
Hypothetical Example
A Presentation by Prakash Soni
13. Hypothetical Example on Trading Profits
Suppose A company in U.S.A. – ABC Ltd. manufactures automobile cars (cars.) It gets rubber
from Malaysia, designs from Japan & Steel from India. It opens subsidiaries in Malaysia, Japan
& India. Assume that the tax rates in different countries are as under:
U.S.A. 50%
Malaysia 30%
India 30%
Japan 50%
The subsidiaries will sell their finished goods at 5% to 10% profit margin (what ever margin is
acceptable to their host country tax authorities) to Group’s tax haven companies. Tax haven
companies will sell the same goods to the US company at a margin of 100% (what ever price
may be acceptable to US tax authorities.) Substantial profits will be retained in tax havens on
which no taxes will be paid. US company will pay several different expenses like royalty,
interest etc. to group tax haven companies & ultimately will show loss or small profit.
A Presentation by Prakash Soni
15. Shifting of Capital Gains
Let us see fundamental systems/themes employed for tax avoidance. The following is a mechanism established
very well for past several decades: Hold your assets in the host country through a company / SPV. Hold the
shares in the SPV, through a tax haven entity. Whenever a transfer is desired, don’t make any transaction in
the Host country. Achieve the transfer of interest through the tax haven SPV. Note that the use of Tax Haven &
incorporation of SPVs can start even before actual business starts.
In simple words, shift the location/ situs of title documents outside
the host country and avoid host country taxes. Judiciary goes by
form and not by substance. So it is generally not a hurdle in tax
avoidance. Since judiciary wants “documentary evidence”, create as
many papers as necessary, and still more.
A Presentation by Prakash Soni
16. Shifting of Capital Gains
Mr. A from Hong Kong wants to invest in a substantial business in India. He forms a discretionary trust –
“ABC Trust” in a tax haven – say, Cayman Island. This trust will invest in “ABC Pvt. Ltd.” – a company
registered in Cayman Island. ABC Pvt. Ltd. will invest in the shares of the Indian Business company –
“EFG Ltd.” This Indian company will have business and other valuable assets in India. Let us assume,
EFG’s business in India prospers. In ten years, the value of business has gone up ten times.
If shares in EFG are sold, there will be substantial capital gains and substantial tax in India. To avoid Indian
tax, no transfer will be recorded in India.
The Trustees sell the shares of ABC Pvt. Ltd. to the buyer. This would mean the shares of a Cayman
company are being sold. Not the shares of an Indian company. In this sale, the seller (Mr. A) and the buyer
are non-residents of India. They are transferring a foreign asset – shares in a Cayman Island company.
Payment will be made outside India. Hence technically, India has no jurisdiction to tax this transaction.
A Presentation by Prakash Soni
17. Shifting of Capital Gains – Contd. ….
ABC Pvt. Ltd.
Company Directors
Trustee Company
Cayman Island
EFG
Pvt. Ltd.
100% Shares in
ABC Trust
Indian Business
India 74% Shares in
Named Beneficiary Mr. X from Timbuktu
Letter of Wishes in favor of Mr. A
from Hong Kong
A Presentation by Prakash Soni
18. Round Tripping
Round Tripping is a market manipulation practice used to misinterpret the number of transactions occurring on any
given day. Roundtrip trading artificially inflates volume and revenues, but in reality adds no profit. Enron was a
company that engaged in roundtrip trading, and, by doing so, was able to increase revenues (and expenses) without
changing its net income.
A Presentation by Prakash Soni
19. Measures to Stop Abuse of Offshore Tax Havens
Country by Country Reporting Tax income refers to the
income earned in the company only.
Stopping creation of new loopholes
Increase Transparency
Inclusion of Limitation of benefits clause in Tax Treaties
Unitary Tax
Automatic information exchange
Disclosure of the real life, proper final, ultimate, actual
owners of Companies
Making ‘willful blindness’ criminal offence
A Presentation by Prakash Soni
20. Inflow of Foreign
Direct Inflows from
Tax Havens
The Indo-Mauritius
Treaty
Vodafone Case
Study
Impact of Tax
Havens on Indian
Economy
03
Impact of Tax
Havens on Global
Economy
04
Inferences on Tax
Havens
05
Introduction
01
Analysis of Tax
Havens
02
21. Inflow of Foreign Direct Inflows from Tax Havens
Particulars
Amount Invested
(in US$ Millions)
% of Inflow
Mauritius 93,659.75 39.31%
Singapore 43,172.31 18.12%
United Kingdom 22,713.47 9.53%
Japan 19,434.28 8.16%
USA 17,262.45 7.24%
Netherlands 16,817.97 7.06%
Cyprus 8,444.07 3.54%
Germany 8,443.84 3.54%
France 4,880.47 2.05%
UAE 3,446.54 1.45%
Total 238,275.15 100.00%
A Presentation by Prakash Soni
22. The Indo-Mauritian Treaty
India signed the Tax Treaty with Mauritius in August, 1982. The Tax Treaty provides that Capital gains arising on
the sale of shares of Indian companies by investors resident in Mauritius would be taxable only in Mauritius and
not in India. The usefulness of the above Treaty was not felt until 1991, when India opened up its economy to the
foreign investors and liberalized its economic regime.
Amongst the other countries Mauritius has been amongst the
top three since the time India liberalized itself and opened up
to Global Economy. As per the data published by the Indian
Department of Industrial Policy and Promotion, the total
inflow of Foreign Direct Investments from Mauritius in India
between April 2000 to December 2015 amounted to a hefty
total of US$ 93,659.75 millions which is more than 39% of the
total investments made the said period.
A Presentation by Prakash Soni
23. Treaty Shopping – Used as tool in Indo-Mauritius Treaty
The term Treaty shopping in common parlance means routing investments through a particular country to avail
beneficial provisions of the Tax Treaty between that country and the country in which the investment is sought
to be made. The objective of Treaty shopping is to reduce source taxation typically on capital gains, dividends,
interest, etc.
As per Article 13(4) of the India Mauritius DTAA, capital gains arising in
India to a Mauritian resident shall not be taxable in India. Such capital gains
are also exempted from tax under domestic tax laws of Mauritius.
Accordingly, the Indo-Mauritius DTAA coupled with favorable Mauritian
domestic tax legislation makes the island nation an ideal jurisdiction for
investing in India.
A Presentation by Prakash Soni
24. Round Tripping via Mauritius
Let us take an example to understand the concept of Round Tripping.
Mauritius Co. will in turn invest the money received in
Indian Co. through GDR, Participatory Notes, etc.
Holding 100% shares
Payment towards inflated invoices, for example, raised by
Mauritius Co.
Indian
Company
Mauritius
Company
Here, we see how the money paid for the inflated invoices raised by Mauritius Co. is again being re-invested in
Indian Co. and thereby money laundering takes place. This is how the concept of Round Tripping works which is
the biggest advantage taken by Indian entities of the loopholes present in the India-Mauritius Treaty.
A Presentation by Prakash Soni
25. What makes Indo-Mauritius Treaty so ATTRACTIVE
According to a clause of the Treaty, the right to levy capital gains is not with India while the capital gains tax
is nil in Mauritius. So, no tax is required to be paid either in India or in Mauritius.
Dividends and Interests are exempt.
Many Indian and foreign based companies have set up companies in Mauritius only to avail tax exemptions.
The reason they are able to do this is the rather ambiguous definition of a company’s residential status.
According to the definition, a company is based in Mauritius if its “effective management” is situated there.
A company can be formed in Mauritius within two weeks only.
India-Mauritius Treaty had been a major cause of concern for the Indian Government because of the increasing
number of Round Tripping transaction. That is what has provoked the Indian Government to take stricter
steps in order to control the increasing number of round tripping transactions.
A Presentation by Prakash Soni
27. The Vodafone Case
When it comes to tax havens, the second thing that comes to the mind of an Indian after Mauritius, is the
Vodafone Tax case, (let’s call it the Vodafone tax scam, keeping the Indian feelings in mind) which happened
not so long ago against the Indian Revenue Authorities.
Vodafone recently won a rare but potentially very significant victory
over Indian Tax Authorities. The Bombay High Court dismissed the
government demand for the company to pay around 4000 crores of
rupees (about $490 million) for a share transaction conducted in the
offshore tax havens.
The Vodafone Scam is briefly elucidated in the next few slides.
A Presentation by Prakash Soni
28. HTIL
•Hutchison Telecommunications International Limited
•Situated in Hong Kong
•Holding 100% Shares in CGP Investments Holdings Ltd
CGP
•CGP Investments Limited
•Situated in Cayman Island, Mauritius (a tax haven country)
•Holding 67% Shares in HEL
HEL
•Hutch Essar Limited
•Situated in India
•Formed by Merger of HTIL and Essar Group
VIH
•Vodafone International Holdings
•Situated at Netherland
•Subsidiary of Vodafone Group Plc
Companies Involved vis-à-vis Diagrammatic view of Transaction
29. Apparent Understanding Look At Approach
Foreign
Company 1
(HTIL)
Sold Foreign
Company 2
(CGP)
To Foreign
Company 3
(VIH)
Transaction Took
Place Outside
India in Foreign
Currency
There is no
Territorial Nexus
Resultant Capital
Gain can’t be
taxed in India
HTIL
(Cayman Island Co.)
VEL
Vodafone Essar
Limited
HEL
(Indian Co.)
VIH
(Vodafone
International Holdings)
CGP
(Cayman Island Co.)
Sold 100% holding of CGP to VIH
Renamed as
A Presentation by Prakash Soni
30. Contention Of The Income Tax Dept.
Contention 1
Offshore Share Transaction
Result in Transfer of Shares in HEL from HTIL to VIH
Indirect Transfer of Capital Asset Situated in India
Controlling Interest In HEL is Capital Asset
situated in India u/s 2(14)
On account of transfer of shares in CGP Inv
Ltd by HTIL to VIH
Controlling Interest of HTIL in HEL gets
extinguished
Extinguishment of Right = Transfer u/s 2(47)
Activates S.9(1)(i) L-4
Contention 2
A Presentation by Prakash Soni
31. Decision of the High Court
The Supreme Court’s judgment clarifies the law, based on the provisions contained in the act. While delivering
the judgment, the court recognized that it is important to provide certainty with regard to the interpretation of
law and the maintenance of a robust judicial system, so that investors can determine the tax position of India. If
the government wishes to propose a ‘limitation of benefits’ or ‘look-through’ approach, this should be a policy
decision introduced either under the extent of law or the tax treaties.
Way Forward
• The ruling of the SC in Vodafone’s case will impact cross border M&A
activities.
• The ruling will also affect similar pending cases before various Courts.
• Increased focus on facts, robust documentations and conduct of parties.
• Need for caution in structuring cross border deals involving underlying
assets in India as well as use beneficial tax treaties.
A Presentation by Prakash Soni
32. Major Tax Havens of the
World
American MNCS using Tax
Havens
Apple turns out to be
BADAPPLE
Double Irish Dutch
Sandwich
Google using Double Irish
Dutch Sandwich
'Delaware' thrives as a
global tax haven
The Ugland House, Cayman
Islands
Impact of Tax Havens on
Global Economy
04
Inferences on Tax
Havens
05
Introduction
01
Analysis of Tax
Havens
02
Impact of Tax
Havens on Indian
Economy
03
33. Major Tax Havens around the World
A Presentation by Prakash Soni
34. Big MNCs of America hide their money in Tax Havens
In the past year, US Companies seeking to avoid high corporate tax rates stockpiled as estimated amount of
totaling to $ 2.1 trillion and it’s still counting. It is interesting to note that India’s GDP is slightly less the $ 2.1
trillion.
The 30 companies with the most money officially booked offshore for tax purposes collectively operate 1,225 tax
haven subsidiaries. Most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least
358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of
2014.
Profits held by Americans overseas as of 2014
A Presentation by Prakash Soni
35. Apple turns out to be BADAPPLE
Apple pays less than 2% tax on its foreign profits. More than
any other American company, Apple holds $181.1 billion in
offshore accounts.
Apple would owe a hefty amount of $59.2 billion in US taxes
which is thrice the budget Obama allocates to NASA annually.
According to a Bloomberg report, The European Commission
(EC) contends that Apple’s corporate arrangement in Ireland
allows it to allegedly manipulate the tax bill in a way that
calculates low profits coupled with low operating costs.
Consequently, Apple is allegedly paying less to the Irish
government, wherein its foreign tax rate currently stands at
18%.
A Presentation by Prakash Soni
36. The Double Irish Dutch Sandwich
The Double Irish with a Dutch Sandwich is a tax avoidance technique
employed by certain large corporations, involving the use of a
combinations of Irish & Dutch subsidiary companies to shift profits to low
or no tax jurisdictions. The double Irish with a Dutch sandwich technique
involves sending profits first through one Irish with a Dutch company and
finally to a second Irish company headquartered in a tax havens. This
technique has allowed certain corporations to dramatically reduce their
overall corporate tax rates.
The International Monetary Fund (IMF) says that so many companies
exploit complex avoidance schemes, and so many countries offer devices
that make them possible. Nonetheless, the “Double Irish Dutch
Sandwich”, an avoidance scheme popularly associated with Google, gives
useful flavor of the practical complexities.
A Presentation by Prakash Soni
37. Google using Double Irish Dutch Sandwich
Google moved 10.7 billion Euros ($12 billion) through the Netherlands to Bermuda in
2014 as part of a structure which allows it to earn most of its foreign income tax free.
Accounts for Google Netherlands Holdings show that the unit transferred almost all its
revenue, mainly royalties from an Irish affiliate called non-US revenue is channelized, to a
Bermuda-based, Irish registered affiliate called Google Ireland Holdings.
Microsoft also taking the advantage of the Tax Havens
Microsoft reported operating 10 subsidiaries in tax havens in 2007; in 2014, it disclosed
only five. During this same time period, the company increased the amount of money it
held in offshore from $7.5 billion to $ 108.3 billion, on which it says it would owe $34.5
billion in U.S. taxes. That implies that the company has paid a tax rate of just 3% to
foreign government on those profits, indicating that most of the cash is booked to tax
havens. Microsoft ranks 3rd for the amount of cash it keeps offshore.
A Presentation by Prakash Soni
38. 'Delaware' thrives as a global tax haven
In New Zealand, sheep outnumber people. Stanford boasts more bikes than students and employees. In Delaware, it’s the
number of corporations that top the populations. Delaware has over 1 million business entities but only 917,002 inhabitants.
Its occupants, on paper, include giants like American Airlines, Apple, Bank of America, Berkshire Hathaway, Cargill, Coca-
Cola, Ford, General Electric, Google, JPMorgan Chase and Wal-Mart. These companies do business across the US and around
the world. Here at 1209 North Orange, they simply have a drop box.
The Ugland House, Cayman Islands
There is no greater symbol of the excesses of the world of corporate tax havens than the Ugland house, a modest five-story office
building in the Cayman Islands that serves as the registered address for 18,857 companies.
During 2008 US presidential campaign, Barack Obama criticized Caribbean tax havens. He mentioned the Ugland House,
Cayman Islands, that is the registered home of more than 18,000 U.S.-based corporations, saying, “That’s either the biggest
building in the world or the biggest tax scam on record.” But as the example of 1209 North Orange St. demonstrates, the same
activity is going on in President Obama’s backyard.
A Presentation by Prakash Soni
39. Inferences on Tax
Havens
Inferences
05
Impact of Tax
Havens on Indian
Economy
03
Impact of Tax
Havens on Global
Economy
04
Introduction
01
Analysis of Tax
Havens
02
40. Inferences on Tax Havens
The topic of tax havens is very unique and relevant looking at the present global economic condition. While some
people are confused whether its a ‘haven’ or a ‘heaven’, the multinationals are having its utmost utilization. They
are literally hunting for an opportunity to get their funds routed through a tax havens and latching onto its benefits
and get the tax relief. For some countries it has a good impact while for developing and poor countries, they have
to take its other side. India too has its impact. Whether it is
for a good to its economic condition, seeing the inflow of
FDI through tax havens like Mauritius, Cayman Islands, etc.
is a different discussion. In world where people are more
concerned about tax avoidance over any other heavenly
things, TAX HAVENS have proven to be a blessing in
disguise for the them.
A Presentation by Prakash Soni