An exclusive Guardian investigation revealed Akshata Murthy owns a 5% share of IMM, which reduced taxes payable in India
An exclusive Guardian investigation revealed Akshata Murthy owns a 5% share of IMM, which reduced taxes payable in IndiaThe International Market Management (IMM) is a company that was registered in the U.K. and was set up in 2014. The company invests shareholders' money in the restaurant business in India. The Guardian was investigating into a range of financial assets held by Chancellor Rishi Sunak and his close family, many of which have not been declared in the official register of ministers’ interests. The investigation found that Akshata Murthy, Sunak's wife, holds a share in IMM. She is the daughter of Infosys co-founder N.R. Narayana Murthy. The investigation revealed that IMM funneled money raised from its shareholders through an intermediary company called IMMASSOCIATES Mauritius instead of investing directly in the two Indian subsidiaries that operate the restaurants to avoid or reduce taxes paid in India.
The Indian Revenue Service and the Independent Commission for Reform of International Corporate Taxation experts who reviewed IMM structure said that it was planned in a way to avoid the taxes payable to India from the profit or the capital gained from the company. If the company had directly invested in India, it would be liable to pay 20 percent of the tax on its capital.
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