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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 TDS Benefits Announced In Budget 2019 And What They Mean For You
 Government forms panel to solve angel tax issue
 Government may miss direct tax collection target
 Gifts received from a relative are tax-exempt
 Companies face action over TDS non-payment
 Expect Reduction In Corporate Tax Rate
 How income tax slabs have changed since Independence
 Budget 2019: This Budget could have some surprises in store
 Income Tax return processing time to reduce from 63 days to just 1 day
 Govt eases norms for start-ups seeking exemptions from 'angel tax'
 Maximise tax savings using health insurance for yourself and family

Govt.: Noose tightens on tax haven funds
November, 20th 2010

The government is hard on the trail of money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that India has written to 78 countries to amend existing tax treaties, insisting on their adding on Article 26 of the Model Tax Convention of the Organisation for Economic Cooperation and Development (OECD).

"We are regenotiating the double taxation avoidance agreements (DTAAs) with 78 countries," Mukherjee said.

He said the government has also finalised tax information exchange agreements (TIEAs) with eight countries.

"Once this is institutionalised, we can analyse how much the quantum (of black money is stashed away in secret accounts) would be," he added.

"I would not know the actual estimation of black money or unaccounted money stored in other countries," he said.

Global Financial Integrity, a Washington-based research group, says  India is losing about $16 billion (Rs 72,496 crore) a year to outflows related to tax avoidance by wealthy individuals and companies, besides money lost to corruption.

It has estimated that India has been drained of $462 billion (over Rs 20 lakh crore) between 1948 and 2008 at current prices. This is nearly 40% of Indias gross domestic product.

"My department is examining it ( the study)," Mukherjee said.

"Adequate measures would be taken to nip it in the bud as soon as possible as it could affect growth. It is definitely a matter of concern," he said.

He said no estimates have been made on the amount of slush funds from India stashed away in Swiss Banks. "It was estimated way back in the mid-1980s, in a government sponsored study," he said.
 
In August, India and Switzerland inked an amended tax pact.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 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