Govt reconstitutes multi-agency group to investigate Paradise Papers cases
The group will be headed by CBDT Chairman Sushil Chandra and have representatives from CBDT, Enforcement Directorate, Reserve Bank of India and Financial Intelligence Unit
Moneycontrol News
The investigation units of the Income Tax Department have been alerted to take note of and act upon the revelations from the latest data leak — Paradise Papers.
The International Consortium of Investigative Journalists (ICIJ), in partnership with 96 news organisations, has revealed how two firms — Appleby in Bermuda and Asiaciti Trust in Singapore — helped high-profile individuals and corporations avoid paying taxes by setting up offshore entities.
The 13 million-plus files that were leaked show that as many as 714 Indian companies and individuals are linked to offshore entities set up in tax havens.
The data indicates that out of 180 countries in the records of offshore entities held by persons of different nationalities, India ranks 19th in terms of number of names. The Paradise Papers include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paperwork.
The government has also said that it has reconstituted a multi-agency group to investigate the Paradise Papers cases.
The group will be headed by CBDT Chairman Sushil Chandra and have representatives from CBDT, Enforcement Directorate, Reserve Bank of India and Financial Intelligence Unit.
It has been reported that many cases of offshore entities are already under investigation on fast track. "As soon as further information surfaces, swift action will be taken," the government said in a statement late Monday.
The records investigated were from Bermuda-based law firm Appleby and a smaller family-owned trust company, Asiaciti, in Singapore.
Know the developments in the Paradise Papers case here.
NOTE: ICIJ, which sifted through the data, published the following disclaimer with regards to information provided: “There are legitimate uses for offshore companies, foundations and trusts. We do not intend to suggest or imply that any persons. companies or other entities included in the list have broken the law or otherwise acted improperly.”
