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Indo-Japan biz panel chief decries IT raids on foreign execs

The raids by the income tax department on businessmen from Japan residing in India has left the foreigners ''demotivated and extremely shocked'', a top industrialist from Japan Tuesday said.

Commenting on the IT department raids on officials and certain Japanese companies in India last year, chairman of Japan-India Business Cooperation Committee, Nobuhiko Kawamoto, said: "This kind of incidents never happen in other countries."

He said the attitude of the local tax officials was appalling and disrespectful. Kawamoto said Japanese businessmen are like ambassadors and such a move makes the whole scenario dim.

He said the Indian government's frequent policy changes, retroactive application of rules and unreasonable tax measures apparently targeted against Japanese corporations, have caused hardships even to those corporations already operating in India. "There is no denying that these problems have created impediments to new Japanese investments in India," Kawamoto said.

UNI

Govt raids MNCs in India, discovers income tax evasion

Business