For examining the taxation aspects of High Net Worth Individuals (HNWI), a Working Group has been constituted, with the approval of Chairman, CBDT.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(Foreign Tax & Tax Research-I Division)
New Delhi, dated the 3 April, 2018
Subject:-Working Group on Taxation Aspects of High Net Worth Individuals (HNWIs) -reg.
In recent times, there has been a trend of High Net Worth Individuals (HNWIs) migrating from their country of residence to other jurisdictions. Such HNWIs pose a substantial tax risk since they may treat themselves as non-residents for taxation purposes in the first jurisdiction even though they may have strong personal and economic ties with that jurisdiction. For examining the taxation aspects of such High Net Worth Individuals (HNWI), a Working Group has been constituted, with the approval of Chairman, CBDT, comprising of the following officers:
i) Ms Pragya Sahay Saksena, JS (FT&TR)-I
ii) Mr Amitav, ADG-I (Risk Assessment)
iii) Mr Zakir Thomas, CIT(OSD)(Inv.), CBDT
iv) Mr. Rajesh Bhoot, JS(TPL)-II, CBDT
v) Mr Navneet Manohar, Director(FT&TR)-III, CBDT
2. The Working Group shall be responsible to coordinate with various Divisions/Directorates of Board as well as field formation to formulate India’s position for various aspects related to taxation of migrating HNWIs. The Working Group shall also make recommendations for policy decision in respect of tax risks of the migrating I-1N WI population.
3. The first meeting of the Working Group shall be held at 10:30 AM on 06.04.2018 at the Conference Hall. 8th Floor, Hudco Vishala Building, Bhikaji Cama Place, New Delhi. The members of the Working Group may kindly make it convenient to attend the meeting.
Under Secretary (FT &TR-1II (2))