Government Joins Europe-Led Plan To Tackle Tax Evasion
The Indian government has signed up to a scheme to clamp down on tax evasion and corruption launched by Europe’s biggest nations, Britain’s government said on Wednesday.
Signatories to the scheme – announced in April by Britain, France, Germany, Italy and Spain – undertake to give one another free access to information on who ultimately owns companies.
Prime Minister Narendra Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax.
Earlier this week, Switzerland promised to work with Indian authorities to tackle tax dodgers who stash money in Swiss bank accounts.
Most European countries apart from Switzerland have signed up to the information exchange, in addition to several Caribbean tax havens, Mexico, the United Arab Emirates and Nigeria.