International Business & Economy India's Foreign Minister points finger at Singapore for being used for tax...

India’s Foreign Minister points finger at Singapore for being used for tax avoidance

Author

Date

Category

- Advertisement -

India’s Finance minister Arun Jaitley has squarely pointed his fingers at Singapore for being used by unscrupulous individuals and organisations to avoid paying taxes to the Indian government. He said that Singapore (along with Cyprus and Mauritius) had become routes for round-tripping of “local money going out and then coming back by these routes and therefore avoiding tax.“

Speaking at a Times Now function Mr Jaitley said that India has already reworked its tax treaty with Mauritius and Cyprus, but that the reworking of the treaty with Singapore is in the process of being finalised.

“Now with Singapore we are at almost final stages of wanting to revise that. Something is likely to happen in near future,“ the Indian Foreign Minister added.

Last month, Mr Jaitley unveiled a scheme to give Indian tax dodgers a chance to come clean. Under the scheme, a person making the declaration would have to pay 50 percent in taxes and surcharges. The person would also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

- Advertisement -

The Indian government believes that this scheme would bring billions of dollars worth of undeclared income into the mainstream economy.

The move followed Indian Prime Minister Narendra Modi’s decision to scrap 500-rupee and 1,000-rupee banknotes in a a demonetisation effort to curb corruption.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Man attacks teen, calls him a virus, damages his phone

Singapore—A sudden attack took a teen by surprise when one man started yelling at him, physically harming him, and throwing his phone into a nearby drain at around 10.30pm on Tuesday (Feb 23) on a section of the road near the...

3 migrant workers die after 10 injured in Tuas industrial building blast

Singapore – Three of the 10 workers injured in an explosion at an industrial building in Tuas on Wednesday (Feb 24) died on Thursday. The Singapore Civil Defence Force (SCDF) responded to a fire at No. 32E Tuas Avenue 11 at around...

Film producer says Myanmar maid called her family, wanting to go home, two weeks before she died

A video producer who visited the family of Piang Ngaih Don, the Myanmar maid beaten and starved to death by her employers in 2016, says Ms Piang somehow managed to call her family just two weeks before she died. She told...

Send in your scoop to news@theindependent.sg 

Theindependent