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DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money.

“Income Tax Department is engaged in ways to tackle with black money,” he told reporters on the sidelines of an income tax conference here.

He said the government was amending Double Taxation Avoidance Agreements (DTAA) by inserting a clause on information regarding banking sector and also entering into tax information exchange agreements (TIEA) with several countries, including tax havens.

“These (DTAA & TIEA) are two important instruments which will help the income tax department tackle black money and black money stashed outside…we will able to impose tax on them,” Mukherjee said.

Tag: DTAA

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