tax havens

Tax Havens and Their Impact on the Indian Tax Economy

Income Tax - 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....

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How Tax Haven Countries are used for Tax Evasion

Income Tax - 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 [&hellip...

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Empowering Central Government to enter into agreement with specified non-sovereign territories & Transfer Pricing

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 section 90 is substantially the same as earlier section 90 except that the proposed amendment seeks to empower the Central Government to enter into an agreement with the Government of any country outside India...

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Experts view on FM statement on Tax treaty renegotiation with 77 countries

Income Tax - This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed a Treaty of Override Clause. Tax experts and India Inc are up in arms because if the code ...

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Govt may plug gaps in tax evasion laws to stop treaty shopping

Income Tax - The party could end soon for domestic and multinational companies that do tax planning only to avoid paying taxes in India. The government is set to usher in the next stage of reforms in taxation, framing anti-abuse rules that will empower tax authorities to lift the corporate veil and look for what are called `avoidance’ […]...

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India not a no-tax country – FM

Income Tax - 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 doub...

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Indians deposited over $500bn black money in banks abroad- CBI

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 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 [&hel...

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Finance Minister’s Address at EEC – 2011

Income Tax - 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 ...

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Heat on tax havens – FDI from Mauritius, Cyprus drops

Income Tax - 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, th...

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Govt have enough tools to deal with tax havens not sharing info – Finance Minister

Income Tax - 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 jurisd...

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Recent Posts in "tax havens"

Tax Havens and Their Impact on the Indian Tax Economy

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....

Read More
Posted Under: Income Tax |

How Tax Haven Countries are used for Tax Evasion

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 [&hellip...

Read More
Posted Under: Income Tax |

India not a no-tax country – FM

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 doub...

Read More
Posted Under: Income Tax |

Indians deposited over $500bn black money in banks abroad- CBI

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 [&hel...

Read More
Posted Under: Income Tax |

Finance Minister’s Address at EEC – 2011

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 ...

Read More
Posted Under: Income Tax |

Heat on tax havens – FDI from Mauritius, Cyprus drops

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, th...

Read More
Posted Under: Income Tax |

Govt have enough tools to deal with tax havens not sharing info – Finance Minister

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 jurisd...

Read More
Posted Under: Income Tax |

Income Tax department tracking your visit to tax havens

Desperate to curb the flow of blackmoney into the country's economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes secretly. The department has focussed its intelligence and investigation scanner on all such t...

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Posted Under: Income Tax | ,

Income tax department to deploy its officials in tax havens to check evasion

The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians' illicit money back into the countr...

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Posted Under: Income Tax |

Blackmoney – Finmin plans study on modus operandi of stashing

The Finance Ministry will conduct a study on the modus operandi of concealment of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unear...

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Posted Under: Income Tax |

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