Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

Ideal time to join in crusade against tax havens
April, 18th 2009

The interim report of the task force set up by Bharatiya Janata Partys senior leader L.K. Advani on black money in tax havens abroad, says that India must first realise that this was the ideal time to act and join in the global crusade against secret banks and tax havens.

The report said:

We recommend that the BJP create a powerful public opinion, which would force those who do not support this measure to come around to support like British Prime Minister Gordon Brown was forced to do after the February G20 preparatory meeting in which he did not extend support for Germany and France.

India should stop being a silent spectator to the G20 efforts against secret banking and must become an actor, an active player and forthwith change the perception that it is not against secret banking and tax havens.

India must also urge the German government to provide details of the Indian names from the LGT bank secret records it has accessed from Liechtenstein. It must appoint a special ambassador to work with the G20 specifically to frame India friendly rules to expose secret banking.

The 16-page report said there was a dramatic change in the global atmosphere on tax havens since a year. Germany, in February 2008, got a secret CD of the LGT bank in Liechtenstein, which contained a long list of tax evaders, including the head of the German Post.

The Organisation for Economic Co-operation and Development (OECD) published a list of tax havens and categorised them according to the level of non-cooperation. In February this year, the U.S. Inland Revenue Service forced the largest Swiss bank, UBS, to part with details of nearly 300 tax evaders and also pay a huge fine of $800 million.

The report referred to several estimates of Indian wealth in these tax havens. The media had reported that the amount could be as high as Rs. 70 lakh crore, while some other estimates pegged it at Rs. 25 lakh crore. Illicit monies were the dirty outcome of modern capitalism. But after the 9/11 attack, the U.S. realised that not just the buccaneers in business but even Osama Bin Laden could also hide his funds in secret havens and use them to bomb the world

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting