Global Tax Deal to Hurt Indians Who Moved Trust to the UAE
It is not new that the rich Indians have created and registered their family trusts in tax-friendly nations. As per the tax agents in UAE, they transferred their assets, including shares held in India and money repatriated from India, to the countries such as UAE, Singapore, and Malta to insulate themselves from the taxman status and other government agencies. Earlier, countries such as Ireland and Switzerland were the favorite locations of rich Indians to create family trust structures. Family trusts are being created in the USA and Africa also. According to an Economic Times report, these rich Indians feared that they might get harassed by the government agencies in case of any load default in the future. Hence, to avoid the troubles, they shift their resources and properties to family trusts and holding entities abroad. They believed that it would make it difficult for the Indian authorities to access the assets held outside of their home country. However, following the new global t...