Chitchat India Wacked Sinkieland for Helping Indians to Evade Tax

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Government to rework tax treaty with Singapore soon: Arun Jaitley

21 Dec, 2016, 10:35 hrs IST
NEW DELHI: Finance minister Arun Jaitley said the government will soon rework its tax treaty with Singapore while pointing out various measures the government has taken.
He said the government has already ordered an investigation into hundreds of political parties that may have been set up just to claim tax exemptions and money conversion.

"Mauritius, Cyprus and Singapore had become routes for round-tripping of "local money going out and then coming back by these routes and therefore avoiding tax," Jaitley said at a Times Now function. India has already reworked its tax treaty with Mauritius and Cyprus and will rework with the one with Singapore.

"Now with Singapore we are at almost final stages of wanting to revise that. Something is likely to happen in near future," FM said while pointing out that the UPA government had done nothing against black money in its 10-year rule. On the issue of political funding, the minister said since 2001 some part of political funding has become overground, but there is a point in the criticism that part of the funding is still underground invisible.

He said once the economy transforms into a less cash economy, donors of political parties won't have that kind of money to donate. "We will fund you, but we will fund you by cheque -the donors are likely to say," Jaitley said.

He said there are about 60 political parties that effectively contest elections in India at the Centre or states. "You have a large number of political parties that got registered not for contesting elections, but for availing tax exemptions," he said.

The government is already looking into such parties.

"I have already asked the revenue secretary to look into this and therefore we will have to put threshold criteria so that we are able to eliminate those which are not real political parties, but only for money conversion that have come in," he said.


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