ARTICLE · 22 JULY 1996

Legal Personality And The

Valmet Mauritius Limited

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A recent Ruling delivered by the Authority for Advance Rulings in India with regard to the eligibility of a Mauritian offshore company for relief under the India-Mauritius double taxation avoidance treaty was based on a denial of the legal personality of a Mauritian Offshore Company.

National Westminster Bank Plc., a UK public company, established a wholly-owned subsidiary in Mauritius which invested in 10 per cent of the equity capital of a banking company in India.

The Mauritius company applied to the Authority seeking confirmation that in relation to the investment it had made in India, it would enjoy, inter alia, an Indian withholding tax reduction down to 5 per cent.

The Authority found that the transaction in relation to which the ruling was sought was prima facie designed for the avoidance of tax as the tax incidence would have been greater had the UK company invested directly in India instead of through its subsidiary, the Mauritian company.

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