Dr. Anup P. Shah - ctconline.org CA Anup... · PRAVIN P. SHAH & Co., CA's 4 Foreign Investors Tax...
Transcript of Dr. Anup P. Shah - ctconline.org CA Anup... · PRAVIN P. SHAH & Co., CA's 4 Foreign Investors Tax...
- Dr. Anup P. ShahChartered Accountant
4th March 2017
PRAVIN P. SHAH & Co., CA's 1
Amendments
Mauritius
CG LOB
Cyprus
CG
Singapore
CG LOB
PRAVIN P. SHAH & Co., CA's 2
PRAVIN P. SHAH & Co., CA's 3
PRAVIN P. SHAH & Co., CA's 4
Foreign
Investors
Tax
Haven
IHC
Indian Investee
Co.
Indian
Promoters
Mauritius / Singapore /
Cyprus / Holland
33%
16%
8% 8%6% 6%
3% 3% 2% 1%0%
5%
10%
15%
20%
25%
30%
35%
Top FDI Destinations 2000-2016
$168 bn or 52% of all FDI was from 3 Tax Havens –
Mauritius ($108bn) / Singapore ($52bn) / Cyprus ($9 bn)
© PRAVIN P. SHAH & CO. 5
Treaty Shopping is valid and legal
◦ Can incorporate IHC in Tax friendly jurisdictions
◦ IHC is legal and beneficial owner of shares
◦ Entitled to benefits of favourable Treaty with India
◦ No Tax in India if Treaty so provides
◦ Series of Favourable Decisions ~ Azadi Bachao Andolan
(SC) / Vodafone International (SC) / Sanofi Pasteur (AP)
PRAVIN P. SHAH & Co., CA's 6
◦ Must obtain a TRC – S.90(4) r.w. Rule 21AB
Also provide Information in Form 10F if not already in TRC
TRC is sufficient for claiming Treaty Benefits
Azadi Bachao Andolan (SC)
CBDT Cir. 789 dated April 13, 2000
Vodafone International (SC) – In absence of LOB, TRC sufficient
Chiron Bearings GmbH (Bom) / Universal Int’l (Bom)
Dyanmic India (AAR) – No GAAR so TRC enough
AAR ~ E*Trade /Castleton / Moody’s / Armstrong Worldwide
PRAVIN P. SHAH & Co., CA's 7
◦ 4 Jurisdictions have been favourites for routing FDI into
India
Mauritius
Singapore
Cyprus
Netherlands
◦ 59% of all FDI from 2000 – Dec 2016 through these 4
◦ GoI trying hard to renegotiate DTAAs to plug Treaty
Shopping!!
PRAVIN P. SHAH & Co., CA's 8
PRAVIN P. SHAH & Co., CA's 9
94 Comprehensive
DTAAs
10-
Taxed in CoR
4 –
IHC Hotspots
2 with LoB
2 No LOB -GAAR
6 -
Other NationsNo LoB – GAAR
84-
Taxed in India
4 –
10% conditionNo LoB - GAAR
80 –
No Condition
38 with LoB
42 No LoB -GAAR
PRAVIN P. SHAH & Co., CA's 10
◦ In case of 4 DTAAs
Belgium
Denmark
France
Spain
◦ CG on alienation of shares taxable in India only if
Forming part of a Participation of at least 10% in an Indian
Company
◦ Else taxable in Country of Residence of alienator
PRAVIN P. SHAH & Co., CA's 11
Other Indian DTAAs
where CG taxed in CoR
LOB Clause
in DTAA
GAAR
will apply
CGT in Country of
Residence of Seller
Jordan (only if Jordan
taxes Capital Gains)
Yes
Kenya No
Philippines Yes
Portugal Yes
Sweden (only if Sweden
taxes Capital Gains)
Generally No CGT
Zambia No
PRAVIN P. SHAH & Co., CA's 12
◦ Wef 19th July 2016
◦ Till 2016 – Gains by Mauritian Resident taxed in M
Residence Based Taxation
◦ Residence based Taxation done away in 3 Phases
CG from alienation of shares acquired before 1st April 2017 –
taxable only in Mauritius
Irrespective of when and how alienated
CG from alienation of shares acquired after 1st April 2017 &
sold between 1st April 2017 and 31st March 2019 – taxable in
India @ 50% of CGT
PRAVIN P. SHAH & Co., CA's 13
◦ CG from alienation of shares acquired after 1st April 2017
& sold on or after 1st April 2019 – taxable in India @ full
CGT
◦ Source based for Shares ~ Equity / Preference / CCPS
◦ CG from alienation of any other property
Residence based Taxation Continues
Whenever acquired and Whenever Sold
Hence, taxable in Mauritius alone
PRAVIN P. SHAH & Co., CA's 14
PRAVIN P. SHAH & Co., CA's 15
1st Apr
‘17
31st
Mar’ 19
Acquired before
01.04.17 – No
CGT in India
Acquired & Sold
between these 2 dates
– 50% CGT + LOB
Acquired after 01.04.17
& Sold after 31.03.19 -
Full CGT in India
◦ Sale of CCPS
Art 3A – Shares acquired > 1.4.2017 Taxed in Mau
Shares includes CCPS also – However, Protocol silent
If CCPS sold as such – Exemption should be available
What if CCPS acquired > 1.4.2017 but conversion < 1.4.2017 and
then Equity Shares are transferred?
Is conversion of CCPS a Taxable Transfer?
Now no – FB 2017 wef 1st April 2017
What about conversion prior to 1st April 2017?
PRAVIN P. SHAH & Co., CA's 16
◦ CCDs now a very attractive investment option:
Interest taxable @ 7.5% v 40% earlier
CCDs continue to remain taxable in Mauritius
If CCDs sold after conversion
CCDs converted into shares > Apr 2017 – Grandfathering
If conversion < April 2017 – Which is the Date of
Acquisition?
Date of CCDs or Date of Conversion?
Mrs. A Ghosh / Naveen Bhatia
Rule 8A
PRAVIN P. SHAH & Co., CA's 17
Capital Gain Under Earlier DTAA After Protocol
Equity Shares in Ico Taxable in Mauritius Taxable in India in a
phased manner
CCPS in Ico Taxable in Mauritius Taxable in India in a
phased manner
CCDs in ICO Taxable in Mauritius Taxable in Mauritius
Derivatives Taxable in Mauritius Taxable in Mauritius
Sale of Equity after
conversion from
Preference Shares
Taxable in Mauritius ??
Sale of Equity after
conversion from
Debentures
Taxable in Mauritius ??
PRAVIN P. SHAH & Co., CA's 18
◦ Resident cannot take benefit of Art. 13(3B) of Treaty
If Primary Purpose is to take advantage of benefits in Art
13(3B)
Art. 13(3B) – 50% concessional Tax Rate for 2 Years
Not for Art. 13(3A) – Nil Tax for shares bought before 1st April
2017?
Shell / Conduit MCo. not entitled to Art 13(3B)
Any Legal entity which is R of Mauritius
Negligible / Nil Business Operations or No real / continuous business
in Mauritius
PRAVIN P. SHAH & Co., CA's 19
Shell / Conduit MCo. not entitled to Art 13(3B)
Deemed Shell / Conduit Co.
If Expenditure on Operations in Mauritius < Mu Rs 15 lakhs in the
immediately preceding period of 12 months from date the CG arise
Not Deemed Shell / Conduit Co. if:
Listed on Recognised Stock Exchange of Mauritius
Expenditure on Operations in Mauritius ≥ Mu Rs 15 lakhs in the
immediately preceding period of 12 months from date the CG arise
PRAVIN P. SHAH & Co., CA's 20
Serco BPO v AAR (P&H)
◦ Stake Sale by Barclays Mauritius & Blackstone Mauritius
◦ AAR held that prima facie a colourable device and hence,
buyer liable to deduct tax u/s.195
◦ No reasoning given by AAR for decision
◦ Department’s Pleas:
Real Beneficiaries don’t actually reside in Mauritius
Sellers don’t carry on business / mfg / don’t provide services in
Mauritius
Claim to be Residents only on basis of TRC
Clear case of Treaty Shopping
PRAVIN P. SHAH & Co., CA's 21
Serco BPO v AAR (P&H)
◦ P&H HC negated all arguments of Dept
No material to show Tax Evasion
All documents asked by revenue were produced
TRC is a valid document – CBDT Cir. 789
Azadi Bachao Andolan (SC) has closely examined DTAA &
TRC issue – Treaty benefits available even if no tax in Mau
Art.13(4) applies to “other property” – taxable only in Mau
Art. 13(4) not dependent upon situs of property
PRAVIN P. SHAH & Co., CA's 22
Serco BPO v AAR (P&H)
Art.13(1) on Imm. Prop – situs dependent – taxable only in I
Art.13(2) – PE sale - situs dependent – taxable only in I
Art. 13(3) on ships/ planes – taxable where POEM located –
situs dependent
No such stipulation under Art. 13(4) – shares are movable
property taxable only in Mau
Since No Tax in India – No liability on Buyer to deduct tax
u/s. 195
PRAVIN P. SHAH & Co., CA's 23
Goldman Sachs (Mum)
Liability to deduct tax u/s. 195 only if Income taxable in India
in the first place
If under Indo-Mauritius DTAA no CG in India, then no TDS
obligations
If not liable u/s. 195, then cannot be an assessee in default
u/s. 201
C/f this decision with T. Rajkumar (Mad HC) – Cyprus
PRAVIN P. SHAH & Co., CA's 24
◦ Dow AgroSciences Agr. (AAR)
Fact that no dividends declared since several years
Thus, to the extent of Accumulated Profits = Sale Proceeds
of shares should be treated as Dividend and taxed in India
◦ C/f with Otis Elevator (AAR)
Buyback from Mauritian Co. alone
No Dividend declared for several years
Device to bypass Dividend being taxed in India
Held, buyback taxable as Dividend since not genuine
PRAVIN P. SHAH & Co., CA's 25
PRAVIN P. SHAH & Co., CA's 26
S.94A ~ Cyprus specified as Notified Jurisdictional Area
(Notification No.86/2013, dated 1.11.2013)
Implications of S.94A & R.21AC
◦ No deduction for any payment to FI in Cyprus
unless authorisation is furnished in Form 10FC
◦ No deduction for any payment to a Cypriot person
unless Specified Docs for 8 years
◦ TDS @ 30% or rate prescribed in the Act, whichever is higher
PRAVIN P. SHAH & Co., CA's 27
◦ Mad HC in T. Rajkumar – s.94A considered
Imp. Facts
Cypriot Co. invested in CCDs of Indian Co.
Promoters bought out CCDs @ Loss (Below Face Value)
ITO SCN – Why no TDS u/s. 94A
Mad HC:
“petitioners should have deducted tax at source …. and
thereafter fought a legal battle with the Department for
refund.”
PRAVIN P. SHAH & Co., CA's 28
◦ T. Rajkumar
S.195 neither considered nor cited
GE India / CBDT Instruction not considered
Is Mad HC’s decision in clear conflict with GE?
Practical position- deduct tax on gross amount payable
to Cypriot company?
PRAVIN P. SHAH & Co., CA's 29
Protocol to DTAA
◦ Notified on 10.01.2017
◦ Source based taxation after 1st April 2017
Gains from alienation of shares acquired on or after 01.04.17
– taxable only in India
◦ Grandfathered old investments made prior to 01.04.17
Gains from alienation of shares acquired at any time prior to
01.04.17 taxable only in Cyprus
Sale date not relevant
PRAVIN P. SHAH & Co., CA's 30
◦ No concessional transition tax @ 50% for 2 years
◦ Q. Would Interest be taxable @ 7.5% like for Mauritius?
No Interest tax remains @ 10% - same as before
◦ Clarification: Dividends not taxable / No TDS in India till
such time as India continues to levy DDT and Dividend is
exempt from tax u/s. 10(34)
PRAVIN P. SHAH & Co., CA's 31
◦ Surprisingly, No LOB in Protocol
No minimum spending threshold
No concept of PPT / Shell or Conduit Company
Unlike Mauritius and Singapore
Several Indian DTAAs amended to insert LOB
Only GAAR would apply in case of Cyprus?
PRAVIN P. SHAH & Co., CA's 32
◦ Notn. 86/2013
Cyprus treated as Non Co-operative Jurisdiction
86/2013 rescinded by Govt. wef 14.12.2016
Except things done / not done before such rescission
Q. What happens to TDS Litigation?
SC on T Rajkumar’s case
Appellant covered by rescinding Notification 14.12.16
and hence, it can take advantage of it?
Q. How to reconcile the two?
PRAVIN P. SHAH & Co., CA's 33
PRAVIN P. SHAH & Co., CA's 34
Signed on 30.12.2016
◦ Not yet notified in India ~ In force in Singapore wef 27.02.17
◦ Only Press Note from India but IRA of Singapore has
released the Protocol
Original DTAA amended by 2005 Protocol
Residence based taxation to Singaporean Residents
Benefits available as long as Mauritius DTAA exists
LoB Clause added
PRAVIN P. SHAH & Co., CA's 35
◦ Residence based Taxation done away in 3 Phases
CG from alienation of shares acquired before 1st April 2017 –
taxable only in Singapore
Irrespective of when and how alienated
CG from alienation of shares acquired after 1st April 2017 &
sold between 1st April 2017 and 31st March 2019 – taxable in
India @ 50% of CGT
CG from alienation of shares acquired after 1st April 2017 &
sold on or after 1st April 2019 – taxable in India @ full CGT
PRAVIN P. SHAH & Co., CA's 36
◦ Source based for Shares ~ Equity / Preference / CCPS
◦ CG from alienation of any other property
Residence based Taxation Continues
Whenever acquired and Whenever Sold
Hence, taxable in Singapore alone
PRAVIN P. SHAH & Co., CA's 37
Capital Gain Under Earlier DTAA After Protocol
Equity Shares in Ico Taxable in Singapore Taxable in India in a
phased manner
CCPS in Ico Taxable in Singapore Taxable in India in a
phased manner
CCDs in ICO Taxable in Singapore Taxable in Singapore
Derivatives Taxable in Singapore Taxable in Singapore
Sale of Equity after
conversion from
Preference Shares
Taxable in Singapore ??
Sale of Equity after
conversion from
Debentures
Taxable in Singapore ??
PRAVIN P. SHAH & Co., CA's 38
◦ Sing. Resident CANNOT take benefit of NIL CGT in India
u/Art. 13.4A of Treaty for shares acquired > 1st April 2017
IF
Primary Purpose to take advantage of this Article of DTAA
◦ Sing. Resident CANNOT take benefit of 50% CGT in
India u/Art. 13.4C of Treaty for CG between 1st April 2017
and 31st March 2019 IF
Primary Purpose to take advantage of this Article of DTAA
PRAVIN P. SHAH & Co., CA's 39
◦ Shell / Conduit Co. which claims it is a Singapore
Resident cannot take benefit of Art.13.4A (Nil CGT) or
13.4C (50% CGT)
Shell / Conduit ~ Any Legal Entity with Negligible or Nil
Business Operations or No real / continuous business
activities in Singapore
PRAVIN P. SHAH & Co., CA's 40
Shell / Conduit Sing Co. not entitled to Art 13.4A /13.4C
Deemed Shell / Conduit Co.
Art. 13.4A ~ If Expenditure on Operations in Singapore < S$ 2
lakhs in the immediately preceding period of 24 months from date
the CG arise
Art. 13.4C ~ If Expenditure on Operations in Singapore < S$ 2
lakhs in the immediately preceding period of 12 months from date
the CG arise
For full exemption 24 months’ spending but for 50%
exemption only 12 months’ spending
PRAVIN P. SHAH & Co., CA's 41
Shell / Conduit Sing Co. not entitled to Art 13.4A /13.4C
Not Deemed Shell / Conduit Co. if:
Listed on Recognised Stock Exchange of Singapore
Singapore Exchange (SGX)
Art. 13.4A ~ If Expenditure on Operations in Singapore > S$ 2
lakhs in the immediately preceding period of 24 months from date
the CG arise
Art. 13.4C ~ If Expenditure on Operations in Singapore > S$ 2
lakhs in the immediately preceding period of 12 months from date
the CG arise
PRAVIN P. SHAH & Co., CA's 42
DTAA shall not prevent India from applying its
Domestic Law; and
Measures concerning
Prevention of Tax Avoidance or Tax Evasion!!
Q. What does this mean??
GAAR can override all provisions of the DTAA
Even if LoB Clause u/ Art 24A complied, GAAR can be invoked?
Then why have an LoB Clause at all?
No such clause in Mauritius or Cyprus
PRAVIN P. SHAH & Co., CA's 43
PRAVIN P. SHAH & Co., CA's 44
Factor Mauritius Singapore Cyprus Netherlands
Shs bought
before 1.4.17
Nil CGT in India
– whenever sold
Nil CGT in
India –
whenever
sold
Nil CGT
in India –
whenever
sold
• CG only N
• But taxable in I if:
• Seller owns
10% or more
stake &
• Sale to
Indian Res
• Above NA if:
• Gains in Corp.
reorgn, M / D;
&
• Buyer / Seller
own ≥ 10% of
Capital of the
Other
Shs bought
after 1.4.17 &
sold before
31.03.19
50% of CGT in
India
50% of CGT
in India
Full CGT
in India
Shs bought
after 1.4.17 &
sold after
31.03.19
Full CGT in
India
Full CGT in
India
Full CGT
in India
Tax on Interest 7.5% 15% 10% 10%
PRAVIN P. SHAH & Co., CA's 45
◦ What if Original Shares in Ico Bought before 01.04.17 but
Bonus
Stock Split
Shares on Merger by Transferee ICo
Shares on Demerger by Resulting ICo.
◦ All issued after 01.04.17?
Would Grandfathering be available under Mauritius /
Singapore / Cyprus Treaties?
PRAVIN P. SHAH & Co., CA's 46
Factor Mauritius Singapore Cyprus Netherlands
Indirect
Transfer
Provisions
• No Clause for taxing
Indirect Transfers ~
South Africa /
USA/UK / Israel
• Not applicable to
Treaty countries –
Sanofi Pasteur (AP)
and FM’s Speech on
FB 2012
Same Same Same
PRAVIN P. SHAH & Co., CA's 47
◦ Majority DTAAs Do Not Contain such Provisions
IHC remains a Foreign Co. even under Expln. to s.9
Only Deemed to be situated in India - Does’nt become Indian
Co
DTAA – Art 13(5) / (6) deals with Other Property
Not shares of Indian Co.
Not shares of Imm. Prop. Co.
Other Assets Always taxable in CoR
Hence, under DTAA Indirect Transfers always taxable in CoR
Gains from Sale of M /S /C/ N Co. always taxable in M/S/C/N
PRAVIN P. SHAH & Co., CA's 48
Unlisted Gain Mauritius Singapore Cyprus Netherlands
LTCG Shs bought
before Apr 2017
Nil Nil Nil Nil
LTCG Shs bought
after Apr 2017 &
sold after Apr 2019
10% 10% 20% Nil
STCG Shs bought
after Apr 2017 &
sold after Apr 2019
40% or 30%
if FPI
40% or 30% if
FPI
40% or
30% if FPI
Nil
CGT Locally? No No No No if ≥ 5% held
in Ico
FDI % Apr 2016-
Dec 2016
35% 20% 2% 7%
PRAVIN P. SHAH & Co., CA's 49
◦ Anti-Treaty Abuse Measures in India’s DTAAs - 40
LOB: Specific Quantitative based Rule - Objective
Principal Purpose Test or PPT: General Qualitative Rule, Subjective,
case-by-case review
India’s DTAA contains different types of Measures
Objective LOB + PPT : 11 DTAAs – Mauritius, Singapore, Iceland, Sri
Lanka, Romania, Mexico, Uruguay, Tanzania, Tajikistan,
Subjective PPT : 28 DTAAs –UK, Finland, Norway, Malaysia, Malta, UAE,
Thailand, Poland, Indonesia, Taipei, Kuwait, Luxembourg, etc.
Objective LOB alone: 1 DTAA – USA
PRAVIN P. SHAH & Co., CA's 50
◦ Where LOB Clause in Treaty – No GAAR?
Shome Committee Report
LOB is SAAR. Hence, cannot substitute by GAAR
Comply with SAAR not GAAR
Till Circular 789 rules, GAAR cannot examine genuineness of
residency claim of NR – go by TRC alone
If inspite of LOB, evidence of violation of Treaty
Revisit Treaty
But yet No GAAR
PRAVIN P. SHAH & Co., CA's 51
◦ Will GAAR be invoked when LOB satisfied?
Adoption of Anti-abuse measures in Treaty may not be
sufficient to address all Tax Avoidance
& GAAR is required for the same
If avoidance is sufficiently addressed by LOB
No occasion for GAAR
Issues
Who decides what is sufficient?
When would you say that LOB is sufficient?
PRAVIN P. SHAH & Co., CA's 52
◦ GAAR when FPI / SPV set up in tax friendly
jurisdiction?
Depends upon main purpose of choice
If Jurisdiction of FPI / SPV based on Non-tax commercial
considerations and Main Objective not to obtain Tax Benefit
NO GAAR
Issues
Mere compliance with LoB Clause not entirely enough
Main Purpose would be checked - subjectivity
PRAVIN P. SHAH & Co., CA's 53
◦ GAAR to Corporate Actions / Conversions
GAAR not applicable to Investments made prior to 01.04.17
What happens to Shares issued after 01.04.17 arising out
of Corporate Actions / Conversions for Investments >
01.04.17?
No GAAR for
Bonus / Splits / Consolidation on Original before 01.04.17
Shares on Conversion of CCDs / CCPS /FCCBs/GDRs/ADRs
acquired before 01.04.17
Grandfathering available u/R.10U(1)(d)
PRAVIN P. SHAH & Co., CA's 54
Factor Mauritius Singapore Cyprus Netherlands
LOB for Shs
bought
before 1.4.17
whenever
sold?
No LOB Yes. Ops Exp.
in Singapore
S$200,000 in
24 mts. prior to
sale of shares
No LOB No LOB.
GAAR for
Shs bought
before 1.4.17
whenever
sold?
Investments
before 01.04.17
grandfathered
from GAAR
Investments
before 01.04.17
grandfathered
from GAAR
Investments
before
01.04.17
grandfathered
from GAAR
Investments
before 01.04.17
grandfathered
from GAAR
PRAVIN P. SHAH & Co., CA's 55
Factor Mauritius Singapore Cyprus Netherlands
LOB for Shs
bought after
1.4.17 but
sold before
31.03.19?
Yes. Ops. Exp. In
Mauritius ≥MU15 L
in 12 mts before
CG.
Yes. Ops Exp.
in Singapore
S$200,000 in
12 mts prior
to sale of
shares
No LOB No LOB.
GAAR for
Shs bought
after 1.4.17
but sold
before
31.03.19?
Yes if LOB does
not address tax
avoidance
sufficiently
Yes if LOB
does not
address tax
avoidance
sufficiently
GAAR
applies
GAAR applies
Express
GAAR
override?
No Yes. Art 28A No No
PRAVIN P. SHAH & Co., CA's 56
Factor Mauritius Singapore Cyprus Netherlands
LOB / GAAR
for shares
sold from
01.04.19
Irrelevant since full
CGT in India –
Source based
Irrelevant
since full CGT
in India –
Source based
Irrelevant
since full
CGT in
India –
Source
based
GAAR till Treaty
not amended
PRAVIN P. SHAH & Co., CA's 57
◦ Gain on sale of shares always taxable as CG
Irrespective of frequency / period / quantum
No litigation whether CG or Business Income?
Eligible for DTAA Benefits in all 4 Nations
GAAR Grandfathering for Invst before 01.4.17
Mu/Sing/Cy DTAA Grandfathering for Invst before 01.04.17
No LOB for M / Cy for Invst before 01.04.17
No MAT
Indirect Transfers Rules NA for FPI-I or FPI-II
PRAVIN P. SHAH & Co., CA's 58
Benefit only if gain on sale of shares taxable as CG
Frequency / period / quantum
Litigation whether CG or Business Income?
What if C&M also Transferred? CBDT Cir May 2016
No exemption unlike AIF I and AIF II
GAAR Grandfathering for Invst before 01.4.17
Q. What if held to be Stock-in-trade does it change the scenario?
Mu/Sing/Cy DTAA Grandfathering for Invst before 01.04.17
No LOB for M / Cy for Invst before 01.04.17
No MAT
No Exemption for Indirect Transfers Rules but out because
Treaties have no look through / indirect provisions
PRAVIN P. SHAH & Co., CA's 59
◦ Should IHCs / Funds / FPIs migrate to Holland?
Tax in Netherlands only if less than 10% held in Ico OR
10% or more but sold to non-Indian Resident
FPIs cannot hold more than 10% of an Ico under SEBI Regs
No LoB Clause in Dutch Treaty
◦ Q. Would migration attract GAAR?
CBDT– No GAAR If Jurisdiction choice on Non-tax commercial
considerations and Main Objective Not to obtain Tax Benefit
◦ But for New Structures worth considering!
Also consider Spain and France!!
PRAVIN P. SHAH & Co., CA's 60
PRAVIN P. SHAH & Co., CA's 61