The Indian Government has created 10 overseas income tax units and two of these, in Mauritius and Singapore, have already become operational. These offices will be used for the exchange of information, speeding up of the resolution of tax disputes and also assistance in transfer-pricing cases, according to Sunil Mitra, Revenue Secretary.
Speaking at the national executive of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Mitra said that there was a definite trend demonstrating that the Indian private sector was moving away from developed country bank deposits to using offshore financial centres. He said that the share of Indian offshore deposits increased from 36.4% of total deposits in 1995 to 54.2% in 2009.
Mr Mitra emphasized that the provisions of future Advance Pricing Agreements as proposed in the Direct Taxes Code would ensure proper bench-marking and stability in the transfer pricing regime.
.Tags: tax | investment | transfer pricing | India | Mauritius | Singapore | Singapore | India
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment