NEW DELHI:
The Government today said it’s taking effective steps to deal with black money and will focus on high-impact cases with a view to prosecuting offenders expeditiously for credible deterrence against tax evasion.
“While focusing on non-intrusive measures, due emphasis has been given on enforcement measures in high-impact cases with a view to prosecuting offenders at the earliest possible for credible deterrence against tax evasion,” Minister of State for Finance Jayant Sinha has said in a written reply to the Rajya Sabha.
The effective steps to deal with the black money issue, Sinha said, include putting in place robust legislative and administrative frameworks, systems and processes, with due focus on capacity building and integration of information received from different sources.
The Minister said the Government will use information technology tools to mine data.
In recent months, Sinha said, “several purposeful measures have been taken by the Government to combat black money, both by way of policy-level initiatives as well as through more effective enforcement action on the ground”.
The initiatives, he said, include enactment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The Government has also signed multilateral automatic exchange of information (AEOI) for sharing of tax data and has entered an agreement with the US under the Foreign Account Tax Compliance Act (FATCA). (AGENCIES)
Trending Now
E-Paper
Follow our WhatsApp channel