YS Sujana Chowdary Updates from Rajya Sabha. Questions Debates and Current News
Tuesday, November 22, 2011
Agreements with foreign countries to get details of black money
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
QUESTION NO 46
ANSWERED ON 22.11.2011
Will the Minister of FINANCE be pleased to satate :- (a) the details of the countries with which Government has agreements for getting details of black money stashed abroad;
(b) the reasons for not entering into agreements with all the sensitive countries so far;
(c) whether Government intends to be more proactive in this regard and the details of action plan, if any; and
(d) how do Government intends to bring back the country's money illegally stashed abroad? ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) The Government of India has Double Taxation Avoidance Agreements (DTAAs) with 81 countries, namely Armenia, Australia, Austria, Bangladesh, Belarus, Belgium, Botswana, Brazil, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hungary, Iceland, Indonesia, Ireland, Israel, Italy, Japan, Jordon, Kazakstan, Kenya, Korea, Kuwait, Kyrgyz Republic, Libya, Luxembourg, Malaysia, Malta, Mauritius, Mexico, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Nepal, Netherlands, New Zealand, Norway, Oman, Philippines, Poland, Portuguese Republic, Qatar, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovenia, South Africa, Spain, Sri lanka, Sudan, Sweden, Swiss Confederation, Syria, Tajikistan, Taiwan, Tanzania, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, UAE, Uganda, UK, Ukraine, USA, Uzbekistan, Vietnam and Zambia.
Further, Government of India has Tax Information Exchange Agreements with 5 jurisdictions viz. Bermuda, Bahamas, British Virgin Islands, Isle of Man and Cayman Islands. All these agreements contain article concerning exchange of information for tax purposes which allow for exchange of tax information. 75 of the 81 DTAAs do not have specific paragraph for exchange of banking information. All these 75 DTAAs have been picked up for renegotiation. The renegotiations have been completed in 22 cases.
(b) Does not arise
(c) & (d) Yes Sir. The Government of India has framed a comprehensive five pronged strategy in order to bring back the country's money illegally stashed abroad. The strategy comprises of:
(i) Joining the global crusade against ‘black money’ (for example our action in G-20, Global Forum on Transparency and Exchange of Information for Tax Purposes, Task Force on Financial Integrity and Economic Development, Financial Action Task Force, UN, OECD etc.);
(ii) Creating an appropriate legislative framework (Various anti-tax evasion measures legislated in existing Act and proposed in the DTC, New DTAAs and TIEAs, amending existing DTAAs);
(iii) Setting up institutions for dealing with Illicit Funds (10 Income-tax Overseas Units, dedicated computerized Exchange of Information [EOI] Unit);
(iv) Developing systems for implementation (new manpower policy); and
(v) Imparting skills to the manpower for effective action (constant training for skill development).
Agreements with foreign countries to get details of black money
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
QUESTION NO 46
ANSWERED ON 22.11.2011
Will the Minister of FINANCE be pleased to satate :- (a) the details of the countries with which Government has agreements for getting details of black money stashed abroad;
(b) the reasons for not entering into agreements with all the sensitive countries so far;
(c) whether Government intends to be more proactive in this regard and the details of action plan, if any; and
(d) how do Government intends to bring back the country's money illegally stashed abroad? ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) The Government of India has Double Taxation Avoidance Agreements (DTAAs) with 81 countries, namely Armenia, Australia, Austria, Bangladesh, Belarus, Belgium, Botswana, Brazil, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hungary, Iceland, Indonesia, Ireland, Israel, Italy, Japan, Jordon, Kazakstan, Kenya, Korea, Kuwait, Kyrgyz Republic, Libya, Luxembourg, Malaysia, Malta, Mauritius, Mexico, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Nepal, Netherlands, New Zealand, Norway, Oman, Philippines, Poland, Portuguese Republic, Qatar, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovenia, South Africa, Spain, Sri lanka, Sudan, Sweden, Swiss Confederation, Syria, Tajikistan, Taiwan, Tanzania, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, UAE, Uganda, UK, Ukraine, USA, Uzbekistan, Vietnam and Zambia.
Further, Government of India has Tax Information Exchange Agreements with 5 jurisdictions viz. Bermuda, Bahamas, British Virgin Islands, Isle of Man and Cayman Islands. All these agreements contain article concerning exchange of information for tax purposes which allow for exchange of tax information. 75 of the 81 DTAAs do not have specific paragraph for exchange of banking information. All these 75 DTAAs have been picked up for renegotiation. The renegotiations have been completed in 22 cases.
(b) Does not arise
(c) & (d) Yes Sir. The Government of India has framed a comprehensive five pronged strategy in order to bring back the country's money illegally stashed abroad. The strategy comprises of:
(i) Joining the global crusade against ‘black money’ (for example our action in G-20, Global Forum on Transparency and Exchange of Information for Tax Purposes, Task Force on Financial Integrity and Economic Development, Financial Action Task Force, UN, OECD etc.);
(ii) Creating an appropriate legislative framework (Various anti-tax evasion measures legislated in existing Act and proposed in the DTC, New DTAAs and TIEAs, amending existing DTAAs);
(iii) Setting up institutions for dealing with Illicit Funds (10 Income-tax Overseas Units, dedicated computerized Exchange of Information [EOI] Unit);
(iv) Developing systems for implementation (new manpower policy); and
(v) Imparting skills to the manpower for effective action (constant training for skill development).
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