India Plans to Tax Millionaires Leaving the Country Permanently
Many of India’s rich have been named in lists of alleged tax evaders, including the Panama Papers and Paradise Papers. At least 121 have been put on trial based on probes.
Authorities in India have decided to start taxing migration as they suspect the country’s rich of fleeing to escape scrutiny and tax liability. Such migration has a direct impact on the government’s tax revenue, they say.
A special body has been set up by the Central Board of Direct Taxes (CBDT), which advises the Finance Ministry on income tax policies. It was tasked to come up with a set of rules to make people pay if they are looking to migrate.