By Patrick Smith, Editor Africa Confidential
Indian companies are routing tens of billions of dollars through Mauritius each year in a giant tax avoidance scheme
India is changing its tax laws in a bid to introduce greater transparency into its financial transactions with Mauritius. The aim is to stem 'round-tripping' of funds by politicians, businessmen and criminal syndicates, and assuage concerns about the unregulated and 'hot' money which transits through the Mauritian economy and into India. The licit and illicit financial flows from Mauritius account for as much as 90%, or tens of billions of dollars, of foreign direct investment in India each year.
Continue reading Mauritius becomes a Hot Money Magnet for India.
