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I-T offices in foreign countries, tax havens

business Updated: Jan 09, 2011 21:53 IST
HT Correspondent
HT Correspondent
Hindustan Times
financial data

The government may soon be able to obtain classified financial data from tax-haven countries and some foreign shores as it plans to set up overseas income tax offices in countries like the US, UK and Cyprus to liaise with local authorities.

The units will be manned by a senior income tax officer adept in handling tax evasion cases and international tax treaties and will help the department gather investments details of high-profile cases that the tax department is investigating.

The eight units will begin functioning in less than two months in the US, UK, Netherlands, Cyprus, Germany, France, Japan and the United Arab Emirates. Two such units are already operational since last year, in Singapore and Mauritius.

The units will also help foreign investors understand Indian tax laws and procedures so that they can make informed decisions, sources familiar with the development said.

Finance Minister Pranab Mukherjee recently approved the posting policy for the probable I-T officials for the centres who will be appointed by January-end, sources said.