Jun. 10 – India wants to open overseas tax units in Britain, Cyprus, France, Germany, Japan, Netherlands, United Arab Emirates, and the United States to fight tax evasion.
The international trade of goods is making tax computation more complicated for both businesses and government. India is implementing measures that will provide transparency when it comes to tax-related information from overseas tax jurisdictions to prevent tax evasion in cross-border transactions.
“The development of tax shelter products and use of tax havens is another challenge which emanates from globalization,” Finance Minister Pranab Mukherjee said during a conference of chief commissioners and directors general of income tax in India.
“In response to global challenges we have set up two income tax overseas units within Indian Missions in Singapore and Mauritius to facilitate exchange of information,” the minister added.
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