New Delhi, June 9 (IANS) India will set up eight more overseas tax units to fight the menace of evasion as increasing cross-border trade of goods and services was throwing up new and complex challenges, Finance Minister Pranab Mukherjee said Wednesday.
‘The development of tax shelter products and use of tax havens is another challenge which emanates from globalisation,’ Mukherjee told the annual conference of chief commissioners and directors general of income tax here.
‘In response to global challenges we have set up two income tax overseas units within Indian Missions in Singapore and Mauritius to facilitate exchange of information,’ the minister said, adding eight more such offices will come up in other countries.
‘I hope these measures will result in seamless flow of tax-related information from the foreign tax jurisdictions and would strengthen our fight against menace of tax evasion using cross-border transactions.’
The eight countries where the overseas tax units are to come up are: France, UAE, USA, Britain, Netherlands, Japan, Cyprus and Germany.