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: ACCOUNTING STANDARD :: empanelment :: TDS :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

Tax haven' tag upsets tiny countries, India takes note
April, 15th 2016

The 'tax haven' tag for some tiny countries has touched a raw nerve and they have protested to India and other countries, calling it "offensive", and even threatened not to cooperate with their black money probe.

With the countries whose help is being sought to unearth hidden wealth objecting to them being branded as 'tax havens', Indian investigating agencies have been asked by the CBDT to shun the term while making legal overseas requests.

Some jurisdictions where Indian investigators have reached in pursuit of their black money probe in the past include St Kitts and Nevis in the Caribbean Islands, Isle of Man, Cook Islands, British Virgin Islands, Samoa and Nauru among others.

An official said today that some of these countries have taken exception to them being dubbed as 'tax havens'.

The Central Board of Direct Taxes (CBDT), the nodal authority in the Finance Ministry for executing tax information exchange between India and the globe in stash funds probe, has recently issued a directive in this regard.

Its Foreign Tax and Tax Research (FT and TR) wing has framed Exchange of Information (EoI) protocols and it processes treaties like Double Taxation Avoidance Agreements (DTAAs) and Tax Information Exchange Agreements (TIEAs) to execute such requests.

A recent CBDT communication, accessed by PTI, said the taxman should refrain from using the word "tax haven" as a number of countries "have expressed their displeasure on use of such language (tax haven) and even declined to provide information in certain cases as the language used in the EoI request was found to be offensive".

The expression "tax haven" is used to indicate a jurisdiction, country or territory where the rate of taxes are either negligible or extremely low and which have a strict mechanism for financial secrecy and client data protection.

Official sources said while the Board had flagged the issue with the field investigation offices of the IT department when the Manual of EoI was framed some time ago, the word "tax haven" was still being used by investigators in their official dossiers.

They said some small countries, which are important with regard to key probes leading to their shores, had taken up the issue at the global level in general and, in some cases, with India.

CBDT has asked the taxman to refrain from using the word anywhere and at any stage when cooperation is being sought on cases of black money and wealth stashed away abroad by Indians so as to not bring about a situation which "offends" the partner country and thereby creates obstacles in getting good results in such probe cases.

The FT and TR wing is tasked to collect and collate such requests from investigation offices of the IT department and other probe agencies and subsequently send them abroad. The wing operates under various units and is mandated to focus on various parts of the globe.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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