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Tax Info Exchange Yields Millions For India

by Mary Swire, Tax-News.com, Hong Kong

26 December 2012


India's Minister of State for Finance, Shri Palanimanickam announced during a recent meeting of the nation's upper house of parliament that as a result of the increased adoption of tax information exchange agreements, since March 2009 the tax authorities had identified INR6bn (USD108m) in unpaid tax, and had thus far collected INR2bn in revenues from delinquent taxpayers.

Palanimanickam told lawmakers that the revenues had come as a direct result of the government's efforts to expand its network of double tax and tax information exchange agreements, which require tax authorities to bilateral exchange of tax information on request to facilitate in investigations where there is evidence of the perpetration of fiscal crime.

He announced that in a total of 17 cases legal proceedings had been initiated, and said that local authorities were using information obtained from a number of different foreign tax agencies. Whenever any credible information is received regarding infraction of Direct Tax Laws, "appropriate action in accordance with the provisions of the direct tax laws is taken, including launching of prosecution in appropriate cases, to bring to tax any undisclosed amounts," he said.

TAGS: individuals | compliance | Finance | tax | business | offshore confidentiality | tax compliance | India | tax avoidance | law | banking | international financial centres (IFC) | enforcement | offshore | agreements | offshore banking

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