Government setting up eight more overseas income tax units: FM

Finance Minister Pranab Mukherjee today said that the government is in the process of setting up 8 more income tax overseas units, including in the US and Britain, to facilitate exchange of tax related information. At present, the government has one such unit (ITOUs) each at the Indian mission in Singapore and Mauritius.

“Eight more such units in the US, the UK, the Netherlands, Japan, Cyprus, Germany, France and the UAE are also being created on similar lines,” Mukherjee said at the annual conference of the Chief Commissioners and Directors General of Income Tax.

The minister noted that globalisation has thrown up new and complex challenges such as the development of tax shelter products and use of tax havens.