The Indian Finance Minister Arun Jaitley has said those who do not take the compliance window last year to declare illegal assets in abroad will find such adventurism as extremely cost, as reports have come that some Indians are having unaccounted wealth in tax havens.
The Minister also said global initiatives will be taken to deal with the menace of unaccounted wealth abroad and it will be in place by 2017 and later on it would become extremely difficult for individuals to hide assets in abroad.
His statement was made after the newspaper has leaked the documents of Panama Law Company at Mossack Fonseca have reported that 500 Indians are having association with the firms in tax havens.
Jaitley has stated that those who have committed mistakes in the past will get a last chance to with a compliance window in place. He said many have applied to the compliance window and many didn’t and he thinks it is a stem reminder to all of us.
