Dubai no longer a tax haven! Indians rush to hide undeclared wealth
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From January 2018, the UAE will begin sharing information with India on bank accounts.
For this, banks in the UAE have started to ask for more details, and several rich Indians, who did not disclose their secret foreign bank accounts earlier, are using 'insurance wrappers' and the time-tested services of nominee directors so that they don’t have to face tax, penalty, and possible legal prosecution.
Also read: The 13 tax havens where rich Indians stash their money
The changes in rules have led to Dubai banks demanding tax ID of the home country, copies of passport, and, occasionally, the presence of Indian shareholders of these entities before opening accounts of companies. This has also resulted in the time period taken to open accounts stretching to more than a month; earlier, this used to be done in 3-4 days.
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Even though these arrangements might buy some time to black money-holders, they would still inevitably be questioned by Indian Income Tax department and Enforcement Directorate about transactions and the source of funds.
Also read: Not paying taxes? I-T department will block your PAN and LPG subsidies
(Image source: Massey University)
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