India Comments On Income Tax Overseas Units

By ExpatBriefing.com Editorial 30 April, 2013

The Indian Minister of State for Finance has offered an update on the work of Income Tax Overseas Units (ITOUs), set up as part of a broader effort to unearth so-called "black money."

ITOUs are intended to maintain effective levels of liaison and coordination between the Indian tax authorities and their counterparts in the countries concerned. In a written reply to parliamentary questions, Namo Narain Meena explains that officials are already posted in Mauritius and Singapore. New stations have been established in Cyprus, France, Germany, Japan, Netherlands, the United Arab Emirates, the UK and the US, and posting orders have been issued. Officers will be dispatched once procedures are finalized by the Ministry of External Affairs.

ITOUs assist the Government in matters relating to double tax avoidance and tax information exchange agreements, and provide investors with clarification on tax issues. According to Meena, the operational units in Singapore and Mauritius have already proven helpful in obtaining requested information. Field or investigation officers use this information in assessment and appellate proceedings.

It is not possible to provide an estimate of the money recovered through ITOU operations, Meena adds.

Tags: Expatriates | Finance | Tax | Tax Information Exchange Agreement (TIEA) | Double Tax Agreement (DTA) | India | Mauritius | Netherlands | Tax Avoidance | Singapore | United Kingdom | Tax Authority | Agreements | Cyprus | France | Germany | United States | Japan |

 





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