Reports are trending that few Indians have unaccounted wealth in tax havens. In this context, Finance Minister Arun Jaitley, said that those who failed to declare any illegal assets abroad, through compliance window last year, would find "such adventurism extremely costly".
Also read: Amitabh, Aishwarya among 500 Indians in Panama Papers list
According to the minister, individuals would find it difficult to hide assets as the global initiatives will fall in place by 2017, to deal with unaccounted wealth abroad.
Addressing the annual session of industry body CII, Jaitley said, "With G20 initiatives, FATCA and bilateral transactions in place with effect from 2017, the world is going to be a far more transparent institution and therefore, this kind of an adventurism will prove to be extremely costly for those who have indulged in it."
His statement comes when, The Panama Papers are leaked by Indian Express!According to secret files, containing over 11 million documents of the law firm Mossack Fonseca, a list of individuals were out, who paid the firm to set up offshore entities in tax havens across the world.
"I had come in for adverse comment including some of my friends here when in 2015 Budget we had announced a strong penal law against illegal assets abroad. At that stage I had said that those who committed mistakes in the past are getting last opportunity with a compliance window in place,” Finance Minister said.
- Sumana
