Jan. 10 – The Indian government has resolved to double the force of the Finance Ministry’s crucial foreign tax division which handles classified tax-related information between India, tax haven nations, and other countries.
The Ministry recently gave sanction for developing a new unit in the Foreign Tax and Tax Research (FTTR) division under the Central Board of Direct Taxes – which will be headed by a senior Income Tax Department officer and two under-secretary ranking officers.
The division acts as a post office for announcements between law enforcement agencies on both sides in cases of suspected tax evasion, miss-pricing, and international transactions.
Previously, the FTTR division had recently approved two new units with two senior IT officers as directors and four new officials in the rank of under-secretary. Till now, the FTTR division had two directors, but with these new inductions, the wing will have a total of five directors and a number of other officials who will have access to Suspicious Transaction Reports generated by the Financial Intelligence Unit.
Dezan Shira & Associates is a boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in India. For more information, please contact firstname.lastname@example.org, visit www.dezshira.com, or download the firm’s brochure here.