Recently, the United Nations Development Program (UNDP) and the Organization for Economic Cooperation and Development (OECD) launched the Tax Inspectors Without Borders (TIWB) Program in Seychelles.
Context
Recently, the United Nations Development Program (UNDP) and the Organization for Economic Cooperation and Development (OECD) launched the Tax Inspectors Without Borders (TIWB) Program in Seychelles.
Important details of the Programme
- It is expected to be a 12-month program in which India aims to assist the Seychelles in strengthening its tax administration by imparting technical knowledge and skills to its tax auditors by sharing best audit practices.
- It focuses mainly on the transaction costs of the tourism and financial sectors.
- Transfer price, also known as transfer cost, is the amount at which the related parties work together, such as the time of the sale of goods or staff between departments.
- International companies can defraud transfer rates in order to send profits to lower tax regions.
- It is the sixth TIWB program supported by India by providing a Tax Specialist.
- The fifth edition of TIWB with India was launched in Bhutan in June 2021.
Tax Inspectors Without Borders Programme (TIWB)
- It is a new joint initiative of the OECD and UNDP to provide much-needed assistance in building the capacity for tax research in developing countries, closing the gap between theory and practice and completing efforts from the international development community to help broader scope.
- Launched in: July 2015
- Aim: to strengthen auditing capacity in developing countries and international cooperation around the world.
- It sends qualified professionals to developing countries throughout Africa, Asia, Eastern Europe, Latin America and the Caribbean to assist in building tax revenue in audit firms, in criminal investigation and in the efficient use of automated exchanges.
- TIWB assistance has led to an increase in the collection of domestic resources in other developed countries around the world.
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