Directors of Indian Shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said.
The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank accounts of 209,032 suspected Shell companies.
In a statement, the ministry said the latest action would disqualify as many as 300,000 directors.
Tax officials say Shell companies – which have no active business operations or assets – are used to obscure ultimate beneficiaries, conceal political investment, evade tax, commit fraud or manipulate tenders.
About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services. We provide entity administration services including company, trust and fund administration services, assurance services, and outsourcing services.
Company formations and administration solutions
- Estate Planning Solutions
- Virtual Office Solutions
- Investment Management & Dealing License Solutions
- Collective Investments & Fund Solutions
- Gaming License Solutions
- Insurance Business Solutions
- Banking & Payment Systems Solutions
Feel free to contact us on:
- Telephone: +248 4321018
- WhatsApp: 248 2525217
- Skype: vf-international.com
- E-mail: [email protected]
Visit us on: