Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
General »
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman
 Google Tax could soon make even downloading apps on your smartphone a costly affair!
 Chances for a tax audit have rarely been this low
 CBDT to make separate wing to probe benami, black money

SC order may impact other tax treaties
October, 29th 2014

The Supreme Court's directive on sharing the names of overseas account holders has raised worries about India's commitment to the confidentiality clause in various tax treaties and may impact remittances from the US.

Any move to make the names public without prosecution may hamper signing of the Foreign Account Tax Compliance Act (FATCA) with the US, which contains a confidentiality clause. In the absence of the inter-governmental agreement related to FATCA, all remittances, including payments for exports, would face a 30% withholding tax, said experts.

India and other countries have to sign the inter-governmental agreement by December 31 to ensure that the tax liability does not kick in from January 2015. The UPA government had inked FATCA but a formal signing of the agreement is yet to take place.

The impact will go beyond the US, experts said, as any move to reveal the names in public without launching prosecution will choke government's efforts to get more information about those stashing illicit wealth abroad from other tax jurisdictions.

On Tuesday, the Supreme Court asked the government to share the names with the court within 24 hours, which will be given in a sealed cover.

"You can forget about getting any information from the Swiss authorities if the names become public," said a tax practitioner. During talks with an Indian delegation led by revenue secretary Shaktikanta Das, Switzerland had recently agreed to share information related to the so-called HSBC account holders, if the government completed independent investigations. In addition, it had shown willingness to sign the automatic exchange of information agreement.

Similarly, others pointed out that the proposed Automatic Exchange of Information under the G20 framework contained a confidentiality clause and the 48 "early adopters", including India, are to sign the agreement before 2017.

"Given the strict privacy laws, any government will have doubts about sharing names if they become public," said an expert.

The government has repeatedly said that it is bound by confidentiality provisions and can only reveal the names once prosecution is launched. In fact, German authorities had lodged a strong protest after the names on a list shared by the government with a petitioner were leaked.

The government has also said it has no intention of withholding any names but will comply with treaty clauses.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions