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Working Group to assess tax risks of HNWIs
April 11 , 2018
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- The Central Board of Direct Taxes (CBDT) has constituted 5-member working group (committee) to examine taxation aspects related to High Net Worth Individuals (HNWIs) who are migrating abroad to other jurisdictions.
- The Working Group will be headed by Pragya Sahay Saksena, a joint secretary with Foreign Tax & Tax Research Division of CBDT.
- The working group will make recommendations for policy decision in respect of tax risks of migrating HNWIs.
- The CBDT has termed migrating HNWIs as substantial tax risk as they may treat themselves as non-residents for taxation purposes in India.
- According to raw data analysis by Morgan Stanley Investment Management, in 2017 alone, 7,000 millionaires left India without paying taxes.
- It makes India top of the exodus charts of HNWIs causing huge loss the exchequer.
- The data shows that 2.1% of India’s rich left country compared with 1.3% for France and 1.1% for China.
Central Board of Direct Taxes
- CBDT is a statutory authority established under The Central Board of Revenue Act, 1963.
- It is the nodal policy-making body of the Income Tax (IT) department under Finance Ministry.
- The composition of CBDT includes Chairman and six members.
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