Indian Parliament Approves Foreign Asset Disclosure Bill

On 13 May 2015, India's upper house of parliament, Rajya Sabha, passed the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill 2015, which had been passed by the lower house a few days earlier.

Key aspects of the Bill include:

• Undisclosed foreign income or income from undisclosed foreign assets will no longer be taxed under the 1961 Income Tax Act, but will instead be taxed at a flat rate of 30% with no exemptions, deductions or offset of losses carried forward;
• Non-disclosure of…