Articles by Kamal Hawabhay

June 2012

The Mauritius India Saga - A modern tale of David and Goliath... with countless twists!

International Taxation, Vol. 6, June 2012, pages 15-23

During the years 1849 to 1923, a half million indentured labourers passed through the immigration depot known as the Apravasi Ghat to work the sugar plantations at Mauritius. Hard work it was for their lot but they chose it voluntarily because their conditions were better than in India.

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January 2011

BOI meets Kamal Hawabhay, Managing Director of Global Wealth Management Solutions Ltd

Board of Investment Newsletter, Issue No. 26

Mr Hawabhay, how has Mauritius evolved as an International Financial Centre since the early 1990s. The emergence of the financial industry in Mauritius started with thediversification strategy of the economy in the 1990s. Mauritius as an IFChas since gone a long way to now become the 3rd pillar of theeconomy. The emergence and steady growth of the Global Businesssector was largely due to the foresight and support of successivegovernments which put in place the necessary fiscal incentives andflexible regulatory and legislative framework, albeit based on bestpractice during the first decade, through initiatives like the establishmentof a stock exchange in 1989 and an expanding network of double taxavoidance treaties and Investment Protection Agreements.

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July 2003

A Review of the New Tax Planning Opportunities in Singapore

Tax International Planning Review

On February 28, 2003, Singapore's Finance Minister delivered his 2003 Budget Statement. The Finance Minister announced that, to attract investors and boost exports, a tax exemption will be granted to both individuals and companies, for all foreign-sourced dividend, foreign branch profits and foreign-sourced service income (collectively the "specified foreign income") remitted to Singapore from June 1, 2003 if such income is earned from jurisdictions with "headline" tax rates of at least 15%.

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June 2003

Is the Mauritius-India Route Well and Truly Kaput?

Tax International Planning Review
World Corporate Finance Review

Following the issue of the Indian budget proposals for hte financial year 2003-2004 innumerable budget highlights, briefs and summaries have circulated in India and abroad to explain Minister Jaswant Singh's recipe for improvement of India Inc. Most, if not all, of these budget-related documents have at least one thing in common: either a separate or highlighted paragraph explaining why offhsore structuring of investments into India might no longer be required in the wake of the proposed removal of long-term capital gains tax on the tyransfer of disposal of listed investments, subject to certain conditions, and the proposed removal of shareholders' tax on dividends and its replacement by the familiar dividend distribution tax. With regards to investments, doubts are being expressed as to whether Mauritius is still the preferred route to India.

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April 2003

Revisiting Mauritius/South Africa Double Tax Avoidance Treaty

Tax International Planning Review

In his Budget 2003-2004 (the "Budget"), the South African Finance Minister, Trevor Manuel, proposed an amnesty process with regards to South African resident taxpayers who have illegal money offshore. The amnesty will cover all income tax and exchange control taxes, penalties, interest charges and civil convictions up until February 28, 2003, in exchange for the payment of a small fine of 5% for all foreign assets that are repatriated to South Africa and a one-time exchange control levy of 10% for all foreign assets remaining offshore.

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