Black money trail: Govt mulls tax treaty review with 76nations

New Delhi, Dec 6 (PTI) The Indian Government is planning
to comprehensively revise tax treaties with as many as 25
nations, including Switzerland and Mauritius, and re-negotiate
with 51 others, to trace black money.

The government plans a comprehensive revision of the
existing tax treaties with 25 countries, including Swiss
Confederation, Mauritius, Malaysia, Norway and the Netherlands
among others.
On other hand, it may review the tax treaties with 51
nations on a limited scale, which means that the revision
would only be with regard to the clauses in the treaty on
exchange of information or assistance in tax collections,
sources in the Finance Ministry said.
For countries like Australia, China, France and Germany,
the government may rework the double taxation avoidance
agreements (DTAA) only to the extent of getting information on
those who may have stashed wealth in their banks.
A comprehensive revision means that the revision is not
confined to the articles on exchange of information or
assistance in collection of taxes but other areas in the
treaty also need to be revised, sources informed.
There have been reports of crores of rupees being stashed
in foreign banks. However, to get the information in this
regard the government would have to revisit the clauses in the
tax treaty so that information can be exchanged easily.
Money allegedly stashed away by Indians in secret Swiss
bank accounts had assumed political tones in the past general
elections. MORE PTI TAN
ANU


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