CBDT constitutes working group on High Net Worth Individuals-HNWI. They may migrate to other countries and treat themselves non-residents for tax purposes
High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons with investible assets exceeding a given amount. World wide, typically, these individuals are defined as holding financial assets (excluding their primary residence) with a value greater than US $ 1 million.
In recent times, there has been an increase of High Net Worth Individuals (HNWIs) migrating from their country of residence to other jurisdictions.
CBDT has issued office order expressing that such HNWIs pose a substantial tax risk since they may treat themselves as non-residents for taxation purposes in the first jurisdiction even though they may have strong personal and economic ties with that jurisdiction.
Accordingly, for examining the taxation aspects of such High Net Worth Individuals (HNWI), CBDT has constituted a Working Group with the approval of Chairman, CBDT, comprising of the following officers:
1. Ms Pragya Sahay Saksena, JS(FT&TR)-I
2. Mr Amitav, ADG-I (Risk Assessment)
3. Mr Zakir Thomas, CIT(OSD)(Inv.), CBDT
4. Mr. Rajesb Bhoot, JS(TPL)-II, CBDT
5. Mr Navneet Manohar, Director (FT &TR)-III, CBDT
The Working Group shall be responsible to coordinate with various Divisions/Directorates of CBDT as well as field formation to formulate India’s position for various aspects related to taxation of migrating HNWIs. The Working Group shall also make recommendations for policy decision in respect of tax risks of the migrating HNWI population.
The first meeting of the Working Group is scheduled on 6th of April, 2018.
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