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Offshore Tax Evasion

News and Press Release - Dated:- 6-5-2016 - While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Government has taken several measures to effectively deal with the issue of black money. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legis .....

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d Assets) and Imposition of Tax Act, 2015 to specifically and more effectively deal with the issue of black money stashed away abroad which has come into force w.e.f. 01.07.2015, (iii) Introduction of the Benami Transactions (Prohibition) Amendment Bill, 2015 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia, enable confiscation of Benami property and provide for prosecution, (iv) Proactively engaging with foreign governments with a view to facilitate and enhanc .....

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deterrence against tax evasion/black money, (vii) Proactively furthering global efforts to combat tax evasion/black money, inter alia, by joining the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA). The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provided for a one time window for disclosure of undisclosed fore .....

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