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: cpt :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT RATES :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Tax havens may lose their charm
April, 03rd 2009

The heads of G-20 countries are planning to clamp on the tax havens that do not comply with anti-secrecy requirements. The heads are also likely to publish a list of tax havens, where many companies get registered to avoid payment of taxes.

Such measures are aimed at improving the tax mobilization of a country. A country can tax companies which are bringing in investments from such island havens. These measures will also make the system transparent. A senior official in the finance ministry said that this will also curb the flow of illegal money.

At present a number of countries like Cayman Island, Bermuda Island and Bahamas among others are used by companies to channelize investments in different countries. These countries do not levy taxes on incomes earned from investments made in other countries. Many companies and individuals use these countries to invest in other nations.

PwC ED Rahul Garg said if these steps are implemented uniformly by all the countries, no shifting of investments will take place. There is an apprehension that if a particular country starts levying taxes on income earned by the investments made from tax havens, those investments will shift to other nations, which are not levying such taxes. But, if all countries impose tax on investment from such destinations, companies will have no choice but to remain invested as the shifting will not ensure tax-savings.

A senior tax official said companies invest illegal money through these tax havens and it is difficult to ascertain the source of funds.

A source said that trillion of dollars have been canalized through these tax havens to various countries. If the taxes are collected on the income earned from these investments, it will generate hundreds of billions of dollars for the global economy. Therefore, the G-20 countries are taking a serious view on this issue, the official said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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