New Delhi: British Virgin Islands (BVI) has emerged the favourite tax haven for offshore asset investments for Indians whose names have emerged in the Panama Papers leak. Indian investigators have now decided to approach the nation with queries in this regard under the protocols of the existing tax information pact called the Tax Information Exchange Agreement.
Indian investigators are busy in finding all background information on these individuals to build a “water tight” cases before approaching BVI. Sources said investigators who are probing the Panama Papers leak have come across the BVI “link” in multiple cases.
They said while a “good number” of entities named in the ‘Panama Papers’ disclosure have been found to have declared these investments to the taxman in the past, there are many who have not done so and are now being probed by the taxmen.
