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Treasure Islands - mapping the geography of corruption
July 30, 2010
When is a tax haven not a tax haven? When Mauritius' Vice Prime Minister Ramakrishna Sithanen says so. 'We are a not a tax haven,' stated Sithanen, who is also the country's minister of finance. Ironically, Sithanen would go on to reveal that ring-fenced financial services (FS) - the legal and financial secrecy vehicles facilitating corporate mispricing and corruption marketed to foreign clients, especially India - accounts for 12.5 per cent of GDP.
Mauritius is already India's largest single source foreign investor at US$39 billion, almost half of total investment flows. The beautiful tourist island of Mauritius also provides 44 per cent of capital 'invested' in India, followed by Singapore at 9 per cent. This often occurs through 'round-tripping' where Indians, keen to evade and avoid taxes, park their wealth in Mauritius before 're-investing' in India - tax free.
Original Posting At: AllAfrica
Mauritius is already India's largest single source foreign investor at US$39 billion, almost half of total investment flows. The beautiful tourist island of Mauritius also provides 44 per cent of capital 'invested' in India, followed by Singapore at 9 per cent. This often occurs through 'round-tripping' where Indians, keen to evade and avoid taxes, park their wealth in Mauritius before 're-investing' in India - tax free.
Original Posting At: AllAfrica
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