India, US to act on tackling offshore tax evasion
Source: The Dollar Business Bureau In the backdrop of an increasing tax evasion and terror financing incidents across the globe, India and the US on Thursday agreed to strengthen their cooperation in sharing cross-border tax-information and tackling tax evasion and avoidance. “We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits and tax examination abroad,” a joint statement issued by Finance Minister Arun Jaitely and US Treasury Secretary Jacob J. Lew said. On Thursday, Jaitley and Lew held a meeting on the sidelines of the sixth annual US-India Economic and Financial Partnership (EFP), which was also attended by the Reserve Bank of India (RBI) Governor Raghuram Rajan and Federal Reserve Chair Janet ...
Non-disclosure of foreign assets to become risky affair
The CBDT has constituted a Information Security Committee to ensure confidentiality of data received from foreign countries, said Minister of State for Finance Jayant Sinha Source: PTI India has started receiving information through AEOI route under FATCA from USA since September 30 Non-disclosure of overseas assets will become a very risky affair from 2017 as government will by then start getting information on them from foreign countries, Minister of State for Finance Jayant Sinha said on Thursday. Addressing the sixth meeting of the Group on Automatic Exchange of Information (AEOI), he said the CBDT has constituted a Information Security Committee to ensure confidentiality of data received from foreign countries. Non-disclosure of foreign assets will increasingly become a very risky affair for tax payers... Strict ...
Don't fear knee-jerk reaction on P-Note curbs: FM to investors
Source: PTI Seeking to calm panic-stricken investors, Finance Minister Arun Jaitley today said they need not fear any "knee-jerk" reaction from the government on the SIT report, which had recommended tough measures to check investment flows through P-Notes. He also assured investors that the government will not take any action that may jeopardise investment climate even as the benchmark BSE Sensex tanked close to 500 points on fears of action on the suggestions of the Supreme Court appointed Special Investigation Team (SIT). Participatory Notes (P-Notes) are used by large number of foreign investors to invest in equity markets without disclosing their identity to the market regulator Sebi. "It is too early to say what view the government would take. But the ...
India, US sign IGA to implement FATCA to promote transparency on tax matters
Source: PIB, Government of India The Secretary, Department of Revenue, Ministry of Finance, Shaktikanta Das and the US Ambassador to India, Richard R. Verma signed the Inter-Governmental Agreement between India and USA for Improving International Tax Compliance and Implementing the Foreign Account Tax Compliance Act (FATCA), in New Delhi on July 09, 2015. Source: PIB, Government of India Shaktikanta Das, Revenue Secretary of India and Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The text of the signed agreement will be available ...
India to sign an agreement for Foreign Account Tax Compliance Act
The Dollar Business Bureau Indian government is likely to sign a pact for the United States tax compliance law Foreign Account Tax Compliance Act, in July 2015. An official statement in this regard was made by Akhilesh Ranjan, a Joint Secretary in Ministry of Finance, Government of India. “Indian government is likely to sign the Intergovernmental Agreement (IGA) for FATCA in early July 2015,” said Akhilesh Ranjan, Joint Secretary (Foreign Tax and Tax Research Division), Ministry of Finance, on Thursday. The Finance Ministry official was speaking at the round-table discussion on ‘Implementation of FATCA norms in India’ organised by Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi. FATCA compliance will necessarily have to cover all new accounts opened by ...
