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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: TDS :: VAT RATES
 
 
General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

OECD may tweak laws on bank information sharing for tax evasion & black money
December, 08th 2011

The government's efforts on ensuring automatic exchange of information on tax evasion and black money have been received well globally with a key body considering amendment to the international standard, which could allow countries to get banking details with retrospective effect.

"We have set up a group (to look into the changes in the international standard)," said Jeffery Owens, director, Centre For Tax Policy And Administration, Organization for Economic Cooperation and Development (OECD).

Owens said the Financial Action Task Force also plans to decree tax crimes as a predicate offense by June 2012, which will make prosecution of tax offenders much easier worldwide.

New Delhi has time and again raised the pitch on making information exchange more effective at various global fora, including the G-20.

Acknowledging India's efforts at the G-20, Owens said India had decided to become a member of the 35-member global forum ... that will also allow it to source information on tax evasion automatically.

Finance Secretary RS Gujral on Wednesday again raised the issue of making tax information exchange more effective by expeditiously amending the international standard. The OECD prepares the model agreements that countries enter into on tax matters.

"There is a need to change the international standard as it does not provide for sharing of past banking information," Gujral said.

India has experienced some success with increased global pressure on sharing information.

"About 10 countries have provided us automatic information and action is being initiated," Gujral said, adding the efforts would take some time to yield results. The countries include Mauritius, France, Germany and Denmark.

However, Gujral made it clear that the information was shared on the basis of confidentiality and could not be made public. India has amended 75 double tax avoidance agreements and signed 17 new tax information exchange agreements.

Over the last few months, the government has faced severe criticism from the Opposition and civil society for not being able to track the flow of black money in the economy.

"We have obtained certain information from Mauritius in the recent past regarding individual cases and action is being taken", Gujral said.

So far, India has signed seven TIEAs and has DTAAs with over 70 countries.

On the issue of India-Mauritius Double Taxation Avoidance Agreement, Gujral said the island nation has agreed to take the dialogue forward. "They have agreed to take dialogue forward... Let us see how it goes," he said. The major issue is the amendment that India has sought on capital gains benefit offered under the treaty, he added.

On specific cases, Gujral said: "In the LGT (Bank) case, prosecution has been launched, all cases are in court...the question is only how quickly we can initiate action, how quickly we can recover taxes." The government had imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with Liechtenstein's LGT Bank on the basis of information provided by the German authorities.

Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank.

The Central Board of Direct taxes chairman MC Joshi said the panel on tracking black money had been given more time.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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