Monday, August 31, 2009

CBDT panel for posting officers in tax havens

Income tax officials from India could be posted in the tax haven nations to collect information about tax evasion from these countries, if a proposal made by a committee set up to investigate abuse of tax treaties goes through. According to the recommendations of the committee, there could also be a special team set up to investigate evasion in cross border transactions, a finance ministry source said. The Central Board of Direct Taxes (CBDT) had set up the committee to examine the investigation issues in which abuse of tax treaties and evasion through tax havens are involved. “The committee has suggested various other sources of information, including placing of department officers in key centres used for tax evasion,” said the source. Also, the committee suggested to have separate investigation units to handle cases involving cross border transactions in tax havens. “Considering the specialised nature of investigation required to deal with cases involving cross border transactions, there is a need for separate investigation units to handle such cases having cross border transactions involving tax havens and round tripping electronic transfers etc,” said the source. – www.business-standard.com

posted at www.taxmannindia.blogspot.com

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