Thursday, December 23, 2010

The Indians Are Coming, The Indians Are Coming....

http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/Income-tax-dept-to-open-10-overseas-I-T-units/articleshow/7100262.cms

"The Income Tax Department [of India] has begun opening overseas tax units in countries with low tax.

"We have opened two offices so far in Singapore and Mauritius and by March we will open another eight overseas locations like cyprus," Union revenue secretary Sunil Mitra said here today on the sidelines of a FICCI executive counil meeting.

"We do not say tax haven, we say low tax jurisdictions," he said when reminded that these offices are primarily targetted in tax havens to prevent tax evasion. "

Of course the public line will be they will be there to assist with tax info exchange, enquiries, case processing and so-forth. Doesn't mean that they won't be taking names, searching through registries, stopping by the supposed Sales Office or warehouse, flipping through the Tattler or wining and dining loose-lipped bankers and IFAs or eaves-droppping at the Sentosa Golf Club.

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