Rules against certain tax avoidance practices
I want to draw attention to the Convention on Avoiding Double Taxation. In many cases this kind of bilateral convention has really become a convention on avoiding any taxation. In my country, for instance, an investor sold shares in a big bank and my country could not tax a single euro of capital gain. Why? Because the owner of the shares was a company in Cyprus and in Cyprus capital gains are not taxed. I want to tell you that India has started to renegotiate these kinds of conventions and we have to do the same thing.