Govt revisiting tax treaties to stem illicit wealth flows
18 Dec 2014 10:45 PM GMT
While noting that the quantum of domestic black money would be no less than what is supposed to be stashed abroad, Revenue Secretary Shaktikanta Das said that the government is “renegotiating many of the tax treaties to deal with the issues of Limitation of Benefits.
“Because, if there is a tax haven and if the funds are routed through the tax haven then we have to work on the whole concept of limitation of benefits,” he said. “For the quantum of black money, I think, nobody has an estimate. But I can say that quantum of domestic black money is no less than what is supposed to have been or said to have been stashed abroad,” he added.
The comments come at a time when the SC-constituted SIT has detected funds worth about Rs 4,479 crore held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore have been traced within home.
“Because, if there is a tax haven and if the funds are routed through the tax haven then we have to work on the whole concept of limitation of benefits,” he said. “For the quantum of black money, I think, nobody has an estimate. But I can say that quantum of domestic black money is no less than what is supposed to have been or said to have been stashed abroad,” he added.
The comments come at a time when the SC-constituted SIT has detected funds worth about Rs 4,479 crore held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore have been traced within home.
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