Jan 06, 2020
Black money probe: Tax haven trusts come under scanner for Swiss bank accounts
A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by parking of illicit funds in Switzerland-based banks, as per notices issued to those entities. In addition, several individuals who are suspected to have moved abroad after evading taxes back in India are also being probed and their banking details are in the process of being shared by the Swiss authorities with their Indian counterparts. As per the notices published in Switzerland's federal gazette over the past one month, these individuals, including some businessmen, as also trusts based in Cayman Islands and companies have been asked to appoint their nominees in case they want to appeal against sharing of their banking details with India. Trusts, especially those set up in jurisdictions like Cayman Islands, Panama and British Virgin Islands, have often been seen as routes for evading taxes.