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Bahamas May Be Asked To Give Up Black Money

NEW DELHI: The government will ask tax havens to recover taxes from Indian nationals who have stashed undeclared income there as it intensifies efforts to tackle the menace of black money. It is also keeping tabs on those frequenting such tax jurisdictions.

The tax information exchange agreements and revised double taxation avoidance agreements ( DTAAs ) entered into with some of these jurisdictions have a provision for providing assistance in recovery and the income-tax department plans to use this provision.

The Central Board of Direct Taxes has opened income-tax units in some of these jurisdictions to facilitate information exchange and coordinate recovery of taxes.

India recently signed tax information exchange agreements with Bahamas, Bermuda, British Virgin Islands and Isle of Man for access to information on bank accounts of Indian nationals there.

Posted in World News

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