Ultimate Beneficial Ownership – Reporting under Income Tax Law

The doctrine of corporate veil to separate the corporate structure from its owners (members) remains to be the hallmark of corporate structure.

However, the global regulators and watchdogs in instances, whilst investigating the events and transactions, have pierced through this veil to identify the effective / underlying ultimate beneficial owners. Over the years the significance of identifying the Ultimate Beneficial Ownership (UBO) has grown considerably as the regulators across the globe endeavor to beef up efforts to combat financial misconduct and promote transparency.