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CBDT Announces Steps to Strengthen its Mechanisms to Curb Tax Evasion Through Tax Havens
The Central Board of Direct Taxes ("CBDT") has undertaken a series of measures to strengthen the functioning of its international tax wing and its overseas units, directed to building robust information framework and to prevent tax evasion using low tax jurisdictions. Taxand India highlight the steps taken by the CBDT to strengthen its mechanisms to curb tax evasion.
In the recent times, estimates of unaccounted money deposited in secret overseas bank accounts have been an issue of debate in the polity and public space. Over the years, the Government has taken steps to equip itself to deal with this serious issue. As a part of its initiative, the CBDT had entered into series of Tax Information Exchange Agreements ("TIEA") with various countries / territories.
The deepening of its overseas units and secondment to key international posts appear to be steps of the overall strategy of gathering information, understanding issues by interacting with the global economies and to occupy positions to positively influence the policy making bodies. These initiatives augur well for the nation facing the menace of unaccounted monies and it would also place India as an important nation in international fiscal affairs.
Your Taxand contact for further issues is:
Mukesh Butani, New Delhi
T. +91 124 339 5010