Govt to set up 14 overseas IT offices to curb blackmoney

FPJ BureauUpdated: Sunday, June 02, 2019, 01:54 AM IST
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New Delhi

The government will set up 14 more Income Tax Overseas Units ( ITOUs) to deal with the menace of blackmoney and keep a tab on illegal routing of funds from abroad and parking money in foreign countries.

The Finance

Ministry has recently sent a detailed proposal in this regard to the Ministry of External Affairs along with the names of the countries where these ITOUs would be made operational.

India has already established ten ITOUs in its missions at Cyprus, France, Germany, Netherlands, Japan, UAE, UK, USA, Mauritius and Singapore, and the Finance Ministry and the investigation wing of I- T department has found the experiment successful as ” good” information has been received by Indian financial sleuths in connection with their probes. The countries where these new ITOUs would be set up include Switzerland, an important partner country with which India has revised its Double Taxation Avoidance Agreement ( DTAA) and the tax exchange treaty to effectively combat illegal funds stashed abroad or routed from foreign countries. ( PTI)

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