Transactions created without ‘economic substance’ and lack transparency on ultimate beneficiary have raised global concern as they veil the real purpose of the transactions and facilitate money laundering and tax avoidance from home country. International cooperation organizations, like Organization for Economic Co-operation and Development (OECD) under its BEPS Project, and European Union (EU), under its Code of Conduct Group are annually assessing zero or low tax jurisdictions and recommending introduction of regulations of economic substance.