Income Tax : Explore impact of tax havens on income inequality in India, revenue loss, and legal reforms to address this pressing issue in glob...
Income Tax : हाल में ही आर्थिक सहयोग और विकास संगठन ( ओईसीडी) के ...
Income Tax : Before we go into a detailed analysis of the various consequences that Tax Havens have on the Indian economy, let us understand wh...
Income Tax : There was a great need and importance to stop malicious practices of tax evasion. To combat the same, government of various countr...
Income Tax : Amendment of section 90 :-The Finance Bill (No. 2) 2009 proposes to replace the existing Section 90 with a new section 90. The new...
Corporate Law : Shri Piyush Goyal calls for strengthening of ethics and corporate governance norms in startups. Shri Piyush Goyal urges startups t...
Income Tax : In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday as...
Income Tax : Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal...
Income Tax : The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) ...
Income Tax : Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India's foreign direct investment from...
Explore impact of tax havens on income inequality in India, revenue loss, and legal reforms to address this pressing issue in global economy.
Shri Piyush Goyal calls for strengthening of ethics and corporate governance norms in startups. Shri Piyush Goyal urges startups to incorporate and list in India and not move to tax havens. The startup revolution must be taken to tier-2 and tier-3 cities and villages of India – Shri Piyush Goyal. Shri Piyush Goyal calls for […]
हाल में ही आर्थिक सहयोग और विकास संगठन ( ओईसीडी) के 136 देशों ने हस्ताक्षर कर ग्लोबल मिनिमम कार्पोरेट टैक्स दर लगाने का रास्ता साफ कर दिया है. इसका सबसे बड़ा फायदा टैक्स हैवन देशों पर लगाम कसने का होगा जो बहुराष्ट्रीय कंपनियों को टैक्स की कम दरों के कारण अपने देश में आफिस खुलवाते […]
Before we go into a detailed analysis of the various consequences that Tax Havens have on the Indian economy, let us understand what exactly ‘Tax Havens’ are. A Tax Haven, in short, can be defined as a country/place/jurisdiction where the rate of taxation is very low.
There was a great need and importance to stop malicious practices of tax evasion. To combat the same, government of various countries have come forward to act accordingly and has formed and amended their treaties and agreements with other countries in order to protect the economy and revenue interest of their country. In the year […]
In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.India is not a no-tax country, India has a determined tax rate, but it is not a tax haven … If you pay tax in your country of origin, you don’t have to pay tax, if we have double taxation agreement with your country of origin.
Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British […]
The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) Specific requests in 333 cases (220 by Foreign Tax Division of CBDT and 113 by FIU) have been made by Indian authorities for obtaining information from foreign jurisdictions. c) Over 9900 pieces of Information obtained (9743 information by Foreign Tax Division of CBDT and 177 information by FIU) regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation.
Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India’s foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, the inflows from Cyprus were down by 44% to USD 913 million, according to the official figures.
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox… We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
