10 countries have shared data with India: fin secy | business | Hindustan Times
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10 countries have shared data with India: fin secy

business Updated: Dec 07, 2011 21:53 IST
HT Correspondent

Ten countries have given India information on money stashed by Indians in their countries, including information on banking transactions.

“We have received automatic information from 10 countries on money stashed and action has been initiated,” finance secretary RS Gujral said here on Wednesday.

The Centre has signed double tax avoidance agreements (DTAAs) and tax information exchange agreements (TIEAs) with several countries to get data on money stashed abroad. http://www.hindustantimes.com/Images/HTEditImages/Images/08-12-buss-03.jpg

The government is also seeking amendment in DTAA with Mauritius on the capital gains tax issue. “Mauritius has agreed to take dialogue forward and we’ve obtained some information from Mauritius in individual cases,” Gujral said after the inauguration of International Tax Dialogue (ITD) Global Conference.

However, Gujral did not divulge the name of countries, stating confidentiality clause.

Organisation of Economic Cooperation and Development (OECD) director (Centre for Tax policy), Jeffrey Owens said confidentiality has to be maintained by Indian government, till such time as prosecution takes place.

Gujral clarified that the government had not obtained data from any “stolen source”, scotching rumours.

“This is an era where bank shielding information on tax evasion is over and after sometime it (the information) will be public,” Owens said, adding “an appropriate tax policy that looks after transfer pricing and tax incentives of MNCs has become important.”