India Has Created 10 Overseas Income Tax Units
Mary Swire, Tax-News.com, Hong Kong
21 December 2010
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.
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