Search Result for : Tax Evasion

The Dollar Business Bureau  NITI Aayog, the Government think-tank, has decided to combine the 15-year vision document with 7-year medium-term strategy paper to bring out a comprehensive roadmap to accelerate the economic growth. “We are thinking of having a brief chapter regarding the vision in the 7-year strategy paper which will be a bulky document outlining the action plan for expediting growth. The vision document will be aspirational, about the kind of country we want to build...The kind of society we want to be in. It will be a kind of vision for the future,” Arvind Panagariya, Vice-Chairman, NITI Aayog told the media. Panagariya said that the Aayog has got reactions from around 10 states on the 3-year action agenda draft and will conclude it within 2 weeks. Earlier, the Government think thank had ...

The Dollar Business Bureau  Finance Minister Arun Jaitley will be travelling to Paris to sign the multilateral convention of Organisation for Economic Cooperation and Development (OECD), next week. The convention is aimed at checking cross-border evasion of taxes by multinational companies (MNCs).  During the 3-day visit beginning June 7, the Finance Minister will also join the Ministerial Council Meeting, which will be attended by ministers from OECD countries and other partner countries to deliberate upon issues of global importance.  Earlier this month, the Union Cabinet had given the approval for signing the OECD’s multilateral convention.  The convention is a result of the base erosion and profit shifting (BEPS) project between OECD and G-20, to tackle what is used by MNCs via tax planning strategies by abusing ...

The Dollar Business Bureau The Union Cabinet on Wednesday under the Chairmanship of Narendra Modi has given its approval for an agreement between India and Samoa for exchange of information related to taxes. As per the official statement released by the Cabinet, “the agreement will stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax evasion and tax avoidance. There is no financial implications at present. Only in the event of extraordinary costs exceeding $500, the same will be borne by India. India has similar provisions in other such tax information exchange agreement.” “The agreement enables competent authorities of both the countries to provide assistance through exchange of information that is ...

PTI  India has joined a group of nearly 40 nations that have signed a Europe-led clampdown on tax evasion and corruption, committing to automatically exchange information on beneficial ownership, the UK government said. "The following countries have committed to the initiative to automatically exchange information on beneficial ownership. The next stage will be for the development of a global standard for this exchange," said a release Wednesday by the UK s Treasury Department with a list of all those signed up. Besides India, some of the other countries outside Europe on the list include Afghanistan, Nigeria, Mexico and the UAE. The initiative aims to develop a global standard for the automatic exchange of beneficial ownership data between law ...

The Dollar Business Bureau Prime Minister Narendra Modi on Monday held a bilateral meeting with the Swiss President Johann Schneider-Ammann to discuss and strengthen bilateral and multilateral cooperation, and underscored that combating problems of tax evasion and black money will be the two countries’ top priority. “We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders,” Modi said after holding bilateral discussions with the Swiss President. “Combating the menace of black money and tax evasion will be India and Switzerland’s joint priority,” he said. Modi arrived in Switzerland early Monday on his third leg of a five-nation tour, after his visit to Afghanistan and Qatar. From here, the Prime Minister will travel to the US ...

The Dollar Business Bureau India and Mauritius on Tuesday inked a protocol for an amendment in the convention to avoid double taxation and prevention of fiscal evasion, with regards to taxes on income and capital gains. According to an official statement, the protocol will look into the issues pending from a long time related to abuse of treaty and round tripping of investment attributed to the India-Mauritius treaty, reduce revenue losses, avoid double non-taxation, streamline the flow of funds and encourage the flow of information exchange between the two countries. The latest development will improve transparency in all tax-related matters and help curb tax avoidance and tax evasion. The two countries listed out three key features of the protocol: (i) Source-based taxation of capital ...

The Dollar Business Bureau The G20 countries have reiterated the need to prioritise financial transparency and effective implementation of standards of transparency by all its member countries. This needs to be done to protect the integrity of the international financial system, and to prevent corruption, tax evasion, terrorist financing and money laundering. This was discussed in the G20 Finance Ministers and Central Bank Governors Meeting in Washington DC on Friday. All countries and jurisdictions should fully implement the Financial Action Task Force (FATF) standards on transparency and beneficial ownership information for tackling tax evasion, terrorist financing and money laundering, the G20 Finance Ministers announced in an official communique released by the International Monetary Fund (IMF). The IMF in its statement detailed that, “We ...

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 ...