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Income tax overseas units in Mauritius, Singapore

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Income tax overseas units in Mauritius, Singapore
Minister of State for Finance on Wednesday said that Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore.

Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and USA have been issued.

 

The relieving of these 8 officers to join their respective ITOU is pending for finalization of terms & conditions of their posting by Ministry of External Affairs.

ITOUs in Mauritius and Singapore facilitate and expedite the exchange of information process under Double Taxation Avoidance Agreements (DTAA) with these countries.

However, the information received cannot be disclosed as it is governed by the confidentiality clause of the respective DTAA with these countries.

Inter-departmental consultations are going on to examine the need for setting up more such units in other countries, said Minister of State for Finance, Shri S.S. Planimanickam in written reply to a question in Lok Sabha.

GoodReturns.in

Read more about: tax
Story first published: Thursday, September 6, 2012, 10:15 [IST]
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