Tuesday, April 27, 2010

BVI Identified as One of Special Tax Havens by Indian Government

The government of India approved notification of nine offshore jurisdictions as 'specified territories' to officially initiate information exchange with them and modify regulations to combat tax evasion. The tax havens classified as special territories are British Virgin Islands, Bermuda and Cayman Islands, Gibraltar (all of them being British Overseas Territories); also British Crown Dependencies Guernsey, Isle of Man and Jersey; Netherlands Antilles, and Macau, a Special Administrative Region of the People's Republic of China.

The special status of these jurisdictions allowed Indian government to officially initiate talks with them with regard to tax avoidance, exchange of information, and assistance in collection of income tax.

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