India needs to improve on beneficial ownership information – OECD peer review
27 Nov 2017

KYC360 News

India has been urged to improve its handling of information about the true owners of firms as well as the quality of information requests it sends to other countries, a peer review group has concluded.

The review process evaluates jurisdictions’ compliance with international standards of transparency and exchange of information set by the Organisation of Economic Cooperation and Development (OECD).

The assessment found that India’s legal framework is generally in line with international standards, but “some improvements are required to ensure that the new obligations to maintain beneficial ownership information on all the entities and legal arrangements are well monitored in practice.”

In its policy to crack down on tax evasion, India sends out a large volume of exchange of information requests, however, it will need to improve the quality of exchange of EOI requests that it send out, the report stated.

India’s rating slipped from compliant to largely compliant over its handling of such issues in the fight against tax evasion.

On the domestic front, India has enforced the Goods and Services Tax GST), which replaces several former taxes and levies.

The government also maintains it will tackle tax evasion.

Related topics:

India: how GST will curb tax evasion

Modi says more Indians paying tax after cash ban, GST regime

Fatf finds us beneficial ownership lacking

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