India: Paradise Papers Expose Tax Engineering

The Ministry of Finance issued a press release[1], dated November 6, 2017, wherein it stated that the investigations in the cases of ‘Paradise Papers’ would be monitored through a reconstituted Multi Agency Group (hereinafter referred to as ‘MAG’). Further, Sushil Chandra, the head of the probe panel and CBDT Chairman, on November 14, 2017, said that the MAG on Paradise Papers is looking to obtain more data on those Indians named in the global tax leaks before launching an investigation.[2]

Background:

Whilst investigations regarding cases pertaining to Panama papers are already in full swing[3], the International Consortium of Investigative Journalists on November 5, 2017, released 13.4 million records of a global investigation, dubbed as the ‘Paradise Papers’. These papers reveal the offshore activities of some of the world’s most powerful people and companies. Much like the Panama Papers, the Paradise Papers also present the problem regarding how the big corporates and wealthy

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