Sunday, 2 October 2016

India Tax Evasion Amnesty Uncovers Hidden Billions

                            Indian currency at a cash counter inside a bank in Calcutta in June 2012
A tax evasion amnesty in India has prompted tens of thousands of people to declare more than $9.5bn in (7.3bn euros) in undeclared income and assets.

Finance minister Arun Jaitley said the four-month window that ended on friday brought in 64,275 declarations. 
All were offered immunity from prosecution in return for paying tax, a surcharge and a penalty.
it is estimated that the government could raise nearly $4.5bn from the scheme.
Undeclared income or "black money" is a huge issue in India.
The government contacted about 700,000 suspected tax evaders earlier this year, urging them to declare hidden income and assets.
They were told they would not be pursued by the authorities if they came clean and paid a penalty.
Those who came forward included a group of street food owners in Mumbai who said to have declared nearly $7.5m.

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