NEW DELHI - As part of its strategy to curb offshore tax evasion and promote foreign investment, India has recently operationalised seven new Income Tax Overseas Units (ITOUs) in countries like Germany, USA and France. Sources said the Finance Ministry has recently posted seven Indian Revenue Service (IRS) officers as First Secretaries in Indian Embassies in France, Germany, Japan, Netherlands, UAE, UK and USA after getting approvals from the Prime Minister’s Office and...
the External Affairs Ministry in this regard. The government had decided to set up the ITOUs in these eight countries few years back as part of its multi-pronged strategy to combat blackmoney and streamline the flow of investments from these nations into India.
Two such ITOUs have been operational in Mauritius and Singapore for some years now and the positive results from these offices had prompted the Finance Ministry and Central Board of Direct Taxes (CBDT) to increase the number of such overseas I-T offices.
“Senior I-T officers have started functioning from these foreign offices after they were posted recently. However, the Cyprus ITOU has been kept vacant subject to the outcome of talks between the two countries,” sources privy to the development said. (PTI)
Two such ITOUs have been operational in Mauritius and Singapore for some years now and the positive results from these offices had prompted the Finance Ministry and Central Board of Direct Taxes (CBDT) to increase the number of such overseas I-T offices.
“Senior I-T officers have started functioning from these foreign offices after they were posted recently. However, the Cyprus ITOU has been kept vacant subject to the outcome of talks between the two countries,” sources privy to the development said. (PTI)
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