Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Companies should invest in upgradation of tax technology
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court

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 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions