On October 27, the Indian government disclosed names of alleged tax evaders to the Indian Supreme Court in an affidavit signed by the Department of Revenue. The affidavit accused some of the country's top business owners of tax evasion through foreign held bank accounts. This development raises questions over confidentiality clauses in FATCA agreements and other information exchange provisions.
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While it’s great that the OECD is alive to multinationals’ fears of being caught in a compliance trap, the ‘common understanding’ illustrates a worrying lack of readiness
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