India To Blacklist Countries Who Don't Share Tax Info
Bangalore: Despite having an agreement to exchange tax information with India, foreign jurisdictions have not been sharing information on money invested by Indians in their country. The Indian government has decided to blacklist these jurisdictions, reports Vrishti Beniwal of Business Standard.
The countries which will be black listed will find it hard to do business with Indian citizens. Along with that the Indian tax payers related with such jurisdictions will not be allowed deductions in terms of expenditure allowance or payment made to a financial institution in that country. That means these countries will also be having higher tax burden.
Government officials said Hong Kong, Switzerland, United Arab Emirates, Samoa and Seychelles are some countries who were requested to share information but not carried out effectively. As a matter of fact, with Switzerland and UAE, India has tax concord for sharing information.
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