THIS POST IS CONTINUED FROM PART 21, BELOW--
Indian companies are misusing public trusts for money laundering.
The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act 1956 and Companies Act, 2013.
There are currently 22 Registrars of Companies (ROC) operating from offices in all major states of India. The Registrar of Company takes care of company registration (also known as incorporation) in India, completes reporting and regulation of companies and their directors and shareholders, and also oversees government reporting of various matters including the annual filling of various documents.
Investigation against any company is carried out on the basis of report of Registrar of Companies or inspector or in public interest into the Affairs of a company.
Further, the process of incorporation of a company has been strengthened through inclusion of various provisions mandating proof of establishment of registered office of a company through submission of utility bills etc., establishing identity of directors including their residential address and personal identification through mandatory Director Identification Number (DIN) allotment process and a declaration by a professional that all requirements mandated under the provisions of Companies Act, 2013 have been complied with.
Under section 248 of the Companies Act 2013, Registrar of Companies has powers to remove name of a company from register of companies where a company fails to commence its business within one year of its incorporation or the subscribers to the memorandum have failed to pay their subscription within a period of 180 days or where a company is not carrying on any business or operation for a period of two years.
This was stated by Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha
The Central Board of Direct Taxes (CBDT) is examining several dubious companies and they would be removed from the website of Ministry of Corporate Affairs (MCA) if found to be shell firms.
More than 2 lakh inactive companies are under the scanner of the Registrar of Companies (RoC) as the government looks to crackdown on shell companies used for evading taxes.
If the companies are de-recognized by the RoC, they will have to surrender their names and they will no longer able to run their business on that name.
There are around 15 lakh companies registered with ROC and more than 9 lakh companies have not been filing the details regularly. The RoC is creating a filter of companies based on the number of years that they have not been filing details for.
The Prime Minister’s Office and Ministry of Corporate Affairs are jointly monitoring the exercise to identify shell companies. The government is likely to shut down at least 7 lakh shell companies operating in India.
More than 65 % shell companies of the registered companies exist only for laundering money and evading tax..
Many of these companies had carried out high-value transactions and deposited huge amounts of cash in banks following the demonetisation of Rs 500 and Rs 1,000 currency notes.
The Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act), came int into force from 1st November 2016. ...
The Benami Transactions (Prohibition) Amendment Act, 2016 seeks to give the government powers to confiscate benami properties—assets held in the name of another person or under a fictitious name to avoid taxation and conceal unaccounted-for wealth.
The bill, which had amended the older Benami Transactions (Prohibition) Act, 1988, got Parliament’s approval in August 2016. The term “property” will cover movable, immovable, tangible and intangible properties.
The meaning of benami in hindi is “without a name”. Therefore, properties which people buy but not under their own name are termed as benami properties. People often spend their black money to buy assets in the name of their family members to save their taxes. The PBPT Act has been amended to curb this illegal practice.
Transactions involved in purchasing benami properties are called benami transactions. The person who is the owner of the property on paper or the person on whose name the property is purchased is called benamdar. If you purchase any property in this way, it will be considered benami.
When does a transaction become benami?
If a person who buys a property but the consideration for the purchase is paid by someone else.
If the property in question is held by someone for the benefit of the person who paid consideration for the property.
If the property is held, carried out or made under a fictitious name. If the owner of the property is not aware of the ownership of property or denies knowledge of such ownership.
If the person who paid consideration for the property cannot be traced.
In which case are transactions not considered benami
If the member of an HUF holds the property for his benefit or for the benefit of any other member of HUF & the consideration for the property is paid in full out of known sources of HUF.
If the property is held by a person, on behalf of another person in a fiduciary capacity & includes a trustee, executor, partner, director of company, etc.
If a person buys assets in the name of his spouse or kids for which the payment was done from known sources of income then such asset or property is not considered benami property.
If a person purchases any property jointly with brother or sister or relatives for which the required amount was paid from known sources, then also the property does not fall in the category of benami properties.
What are the penalties for benami properties or transactions?
The PBPT Act defines benami properties and benami transactions and prohibits them. It also prescribes punishment and penalties applicable when laws are violated.
It gives the government powers to confiscate, properties held benami without being liable to pay any compensation. It also prohibits benamdar (owner on paper) from transferring the property to the real owner.
Violation of PBPT Act can put a person behind bars for as long as 7 years. The culprit can also be fined for it. The quantum of fine can be up to 25% of Fair Market Value of the benami property.
The Income Tax (IT) dept. has registered more than 230 cases across India under new Benami Transactions (Prohibition) Amendment Act, 2016, officials in end Feb 2017.
Only 230 cases ?
This is pathetic !!
HEADS MUST ROLL !
Any property found under the Benami Act will be confiscated by the central government without paying any compensation to the real holder of the property.
Persons who furnish false information to authorities under the Benami Act are prosecutable and may beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may get RI up to 7 years besides being liable to pay fine up to 25 per cent of of fair market value of benami property...
WHY ONLY 25 % ?
WHY NOT MORE ?
IN INDIA THE ONLY DETERRENT IS LONG JAIL TERMS –ALONG WITH “NAME AND SHAME “
THE FULL 7 YEARS JAIL TERM MUST APPLY
SAUGATA ROY KNOWS SHIT ABOUT ECONOMICS..
WE ASK BONGS
HE IS A RETIRED PHYSICS PROFESSOR ..
CAN THIS PATHETIC BONG UNDERSTAND THE POST BELOW --
SAUGATA ROY, WE HAD ENOUGH OF YOUR BULLSHIT--SHUT THE FUCK UP.
capt ajit vadakayil
March 20, 2017 at 11:59 PM
Captain....This shell company post opens our eyes how back we r in education, all the person in politics, media, school and colleges, top saints etc all r the insect of shit who should be killed by hanging on the tree
Our education is back, the great indian civilization and its ancient knowledge has been destroyed
99.99 % of Indians don't know about real economics and shell companies fraud
What we r worth, just to see bollywood and cricket and dirty chit chats
I haven't seen any public discussion on nation anywhere
We have been betrayed by our own people just for their own selfish means
What we r worth
A normal captain of a ship requires to explain all this which is the real job of media, teachers, leaders
I pledged to this blogsite, whenever i will see any media person in the public doing talks of politics, cricket, bollywood or any other shit topics...I will have a debate with him and show him the real place where they really deserve
I request to all readers of this blog site to send this to everyone whom u r contact this
SHELL COMPANIES - AJIT VADAKAYIL
This post should be included in every economics books all over india so that atleast indians will know some finance things and the frauds which will prevent the corruption atleast to some major percent
Capt. Ajit Vadakayil
March 21, 2017 at 12:31 AM
I WANTED TO STOP AT PART 4--
I AM NOT ENJOYING WRITING THIS SERIES-NOW AT PART 22
IT IS AN ORDEAL , AKIN TO SITTING THROUGH A NZ=AZI DENTIST DRILLING MY TEETH
BUT THEN, IF I DONT WRITE IT-- WHO WILL?
WE HAD CUNTS ALLOWING ENRON TO STEAL.
WHEN INTELLIGENT PEOPLE OBJECTED--THEY WERE CALLED HINDUTVA FRINGE GROUP..
WE HAD MANMOHAN SINGH BATTING FOR ENRON
I CAN SET AN EXAM PAPER FOR MANMOHAN SINGH, CHIDAMBARAM, MONTEK SINGH AHLUWALIA, PRANAB MUKHERJEE --WHO EVER
THEY WILL ALL FAIL MISERABLY
CAN ANY MEDIA WHORE EVEN UNDERSTAND WHAT I WRITE HERE ? I AM TALKING ABOUT THE FINANCIAL NEWS CHANNELS
WHAT THE FUCK IS ALL THIS!
IN THE POST BELOW , WHAT THE MEDIA WHORES DO NOT WRITE IS THAT THE “ELITE” ARE ALL RUSSIANS JEWS.
WHEN USSR BROKE UP, MY SHIP WAS THERE IN YUZHNY
FOR CREW SHORE LEAVE I GOT ADVANCES FROM THE AGENT—THE ROUBLE WAS MORE EXPENSIVE THAN A DOLLAR
WITHIN 24 HOURS FOR ONE DOLLAR YOU COULD GET 65 ROUBLES
AFTER SOME MONTHS FOR ONE DOLLAR YOU COULD GET 66000 ROUBLES
GORBACHEV IS A JEW
ONE OF MY FRIENDS IN RUSSIA , A YOUNG INTELLECTUAL TECHNICAL PROFESSOR , INVITED ME TO HIS HOME –
HE HAD A SMALL BARBIE 3 YEAR OLD DOLL DAUGHTER – HIS WIFE WAS DEAD.
HE WOULD NEVER GET TIRED REMINDING ME , THAT MY ELDER SON MUST MARRY HIS DAUGHTER WHEN HE BECOMES BIG.
THERE WAS NO FOOD IN USSR ( YUZHNY IS PART OF UKRAINE TODAY ) – SUPER MARKETS WERE EMPTY.
OVER A BEER , HE ASKED ME – WHAT WILL BE HIS DAUGHTERs FUTURE.
HE WOULD BE DESPONDENT
HE WOULD PLAY THE PIANO – HIS FAVOURITE WAS C’EST LA VIE ( THAT IS LIFE )—
AND HIS TEARS WOULD FLOW
1. Armenia 2. Azerbaijan 3. Belarus 4. Estonia 5. Georgia 6. Kazakhstan 7. Kyrgyzstan 8. Latvia 9. Lithuania 10. Moldova 11. Russia 12. Tajikistan 13. Turkmenistan 14. Ukraine 15. Uzbekistan
I TOLD HIM – “AFTER TWO YEARS , YOU WILL FIND LUXURY CARS ALL OVER RUSSIA .. ALL OF THEM WILL BE OWNED BY JEW OLIGARCHS . ALL YOUR GOVT INDUSTRIES WILL BE TAKEN OVER BY THESE WICKED CORRUPT JEWS. ONLY JEWS WILL PROSPER “
HE DID NOT EVEN KNOW WHO KILLED THE CZAR AND FAMILY
BASICALLY THE BLOG BELOW IS WHAT I TOLD HIM IN END DEC 1991
Of the 6 TOP oligarchs who controlled 52% of Russia's economy during the 1990s, after the USSR breakup ALL were Jewish: Berezovsky, Vladimir Guzinsky, Alexander Smolensky, Mikhail Khodorkovsky, Mikhail Friedman and Valery Malkin-- all agents of Jew Rothschild
When communism collapsed and the black market was legalised as free market capitalism, the Jewish entrepreneurs had a MONOPOLISED head start.
Jew Mikhail Gorbachev ensured that only Jews could grab all the big Soviet industries .. the whole of the PIE
JEW Mikhail Gorbachev, whose resignation Wednesday sounded the death knell of the 74-year-old Soviet Union, will be remembered as the man who gave only Jews a head start.
He was the USSR head of state from 1988 until its dissolution in 1991
Gorbachev also reversed the Soviet Union’s longstanding animosity toward Israel, culminating in the resumption of full diplomatic ties with the Jewish state
JEW Gorbachev’s s real name s Mikhail Garber. His mother was a JEWESS Maria Gopkalo and his grandfather was JEW Andrey Moiseyevich Gorbachev.
I know more about USSR , as my officers were from all over USSR…
JEW Gorbachev was planted by Jew Rothschild as a member of the Communist Party Central Committee in 1971—the youngest member.
JEW Gorbachev was elected general secretary by the Politburo on 11 March 1985, within an hour after Chernenko's death—again manipulated by Jew Rothschild—again the youngest ever,
All through, Jew Rotshchild used his monopolized media to convert Gorbachev into some messiah like Gandhi as a THINKER par excellence –BALLS – he was just a slave to Rothschild...
Glasnost ("openness"), perestroika ("restructuring"), demokratizatsiya ("democratization"), and uskoreniye ("acceleration" of economic development) , gospriyomka (state acceptance of production) were all Jew Rothschild’s manipulations –placing Jews in pivotal positions for the final thrust
On 15 March 1990, JEW Gorbachev was elected as the first executive President of the USSR –nobody knows that he was the SOLE CANDIDATE again ensured by Jew Rothschild..
West German Chancellor Helmut Kohl, U.S. President Ronald Reagan, and British Prime Minister Margaret Thatcher— were most ecstatic. Thatcher’s words were headlines all over the planet "I like Mr. Gorbachev; we can do business together".
Gorbachev promised to eliminate all of the Soviet nuclear arsenal by the year 2000.
The INF Treaty eliminated all nuclear and conventional missiles, as well as their launchers, with ranges of 500–1,000 kilometers (310–620 mi) (short-range) and 1,000–5,500 km (620–3,420 mi) (intermediate-range). By May 1991, 2,692 missiles were eliminated, followed by 10 years of on-site verification inspections
JEW GORBACHEV DECIMATED RUSSIAs NUCLEAR MIGHT- NOW THE MIGHTY RUSSIAN BEAR COULD BE FUCKED BY A RAT
On 10 February 2007, Russian president Vladimir Putin declared that the INF Treaty no longer served Russia's interests.
In July 2014, the United States formally notified Russia of a breach for developing and possessing prohibited weapons. Putin called the treaty unsuitable for Russia and unfair because other countries in Asia had such weapons.
TODAY RUSSIA CAN DESTROY THE WHOLE OF US MAINLAND BY 16 UNSTOPPABLE SATAN 2 ICBM MISSILES
USA WILL BE RADIO ACTIVE WASTELAND .
THERE WILL BE NO ALL NIGHT DRUNKEN PARTIES AND HIP HOP DANCES AS WAS THE CASE WHEN WW1 AND WW2 RAGED-- AND THE WHOLE WORLD WAS IN FLAMES .
WW1 AND WW1 WAS STAGED BY JEW ROTHSCHILD TO CARVE OUT THE STATE OF ISRAEL.
JEW ROTHSCHILD CONTROLLED BOTH SIDES DURING THESE WORLD WARS—INCLUDING THE NEUTRAL NATIONS
The SC on 4 July 2011, ordered the appointment of a Special Investigating Team (SIT) headed by former SC judge BP Jeevan Reddy to act as a watch dog and monitor investigations dealing with the black money.
This body would report to the SC directly and no other agency will be involved in this.
JUST WHO THE HELL ARE THESE COLLEGIUM JUDGES ?
HAVE THE PEOPLE ELECTED THEM?
THESE ARE LOSER LAWYERS TURNED COLLEGIUM JUDGES … WE DON’T WANT THEM TO SAVE BHARATMATA …..
BEFORE 1947, ALMOST ALL INDIAN JUDGES WERE IN JEW ROTHSCHILDs PAYROLL.
PEOPLE NEVER BELIEVED ME WHEN I TOLD THIS.
TODAY ALL KNOW WHAT IS HAPPENING TO DONALD TRUMP . ..
MOST OF THE US JUDGES ARE IN JEW ROTHSCHILDs PAYROLL
In 2007, Indian authorities began investigating crypto JEW Hasan Ali Khan for suspicion of money laundering. He had a Swiss bank account with $8 billion in deposits.
ED said Khan had laundered money for international arms dealer JEW Adnan Khashoggi on several occasions
JEW Adnan Khashoggi's sister Samira Khashoggi Fayed married Mohammed Al-Fayed and was the mother of Princess Diana’s lover Dodi Fayed.
Diana fucked Dodi baby just to make Pakistani JEW Hasnat Khan jealous. Hasnat Khan is a distant cousin of JEW Imran Khan , the Pakistani cricketer .
JEW Hasan Ali Khan was charged with serving as a front for JEW Khashoggi.
Allegedly, in 2003, Khan helped launder US$300 million of money Khashoggi made through arms sales through the Zurich branch of Swiss bank UBS
Let me quote Wikipedia --
QUOTE : India Today, in a later article, wrote, "Hasan Ali Khan stands accused of massive tax evasion and stashing money in secret bank accounts abroad. But the problem is that the law enforcement agencies have precious little evidence to back their claims. For one, UBS Zurich has already denied having any dealings with Khan." Indian government has asked the Indian mission in Berne to get in touch with banking authorities of Switzerland for obtaining details about Hasan Ali Khan's Swiss bank accounts. Hasan Ali named Praful Patel during hawala interrogation. His business partner Tapuriah revealed that Khan had intimate relationships with Congress leader Renuka Chowdhury. Khan even gifted her a diamond worth 1.2 cr. :UNQUOTE
Base erosion and profit shifting (BEPS) is a tax avoidance strategy used by multinational companies, wherein profits are shifted from jurisdictions that have high taxes (such as the United States and many Western European countries) to jurisdictions that have low (or no) taxes (so-called tax havens).
BEPS can be achieved through the use of "transfer mispricing" (contracting between subsidiaries in different jurisdictions at prices that are not arm's length). Causes for controversy around this issue can be found in "gaps and inadequacies of domestic laws, insufficient controlled foreign company rules, transfer mispricing, tax treaty abuses or problems arising from hybrid mismatch arrangements".
A number of proposals in Indian Finance Act, 2016, are influenced from the recommendations emanating from the final reports of the OECD under its Action Plan on BEPS. The 2016 Union Budget announced an ‘equalization levy’ of 6 per cent on payments exceeding over Rs 1 lakh to online ad services from non-resident entities.
Thin capitalisation refers to a situation where an entity is highly geared, that is, has high proportion of debt as compared to equity. Assessees claim excessive deduction from their taxable income by way of interest expense which is a tax deductible expense.
Certain jurisdictions treat the excessive debt as equity and disallow tax deductibility of the corresponding interest expense. Existing Provision: There is no specific law in India with regard to thin capitalisation.
A company is said to be thinly capitalised when the level of its debt is much greater than its equity capital, i.e. its gearing, or leverage, is very high. An entity's debt-to-equity funding is sometimes expressed as a ratio. For example, a gearing ratio of 1.5:1 means that for every $2 of equity the entity has $3 of debt.
Thin capitalisation rules determine how much of the interest paid on corporate debt is deductible for tax purposes. Thin capitalisation will not allow companies to claim tax deduction for interest paid on foreign debt above 30% of their EBITDA (earnings before interest, tax, depreciation and amortisation).
Multinational company tax avoidance and aggressive tax planning is a significant fiscal risk to the country. Money is mobile so a multinational can simply shift debt into high tax counties to ensure that a tax deduction is received for the interest paid.
This reduces the overall profits in the high tax country, thereby reducing their tax liability.. The OECD has recognised that the ability of multinationals to adjust the amount of debt to achieve favourable tax results is a serious global problem.
The Finance Bill 2017 proposed few changes in relation to transfer pricing and aligning the Indian regulations to the Base Erosion and Profit Sharing ('BEPS') Action Plan. Government of India via Finance Bill, 2017 has proposed to introduce a new section, section 94B in the Income Tax Act, 1961 to overcome loss of revenue by way of thin capitalization
The OECD proposals are designed to ensure that profits are taxed where the underlying economic activity occurs and where value is created.
Thin capitalisation concept would apply to all companies operating in India beginning April 2017, in line with the Base Erosion and Profit Shifting (BEPS) framework, a global agreement with 15 action points to check tax avoidance by multinationals. India has already adopted some of these points.
EVEN TODAY INDIA DOES NOT KNOW WHAT ALL GAAND MASTI ENRON DID UNDER OUR NOSES.
The Enron scandal did not burst out, fully grown, in a matter of days. Widespread corner cutting, steadily falling standards and compromised financial discipline had been festering for close to a decade.
Warnings about funny numbers and unrealistic expectations went unheeded, and investors celebrated reckless or incomprehensible business strategies that helped the stock price defy the laws of gravity.
FOR MANMOHAN SINGH THE WHITE JEWs SHIT DID NOT SMELL.
WE GOT OVERAWED BY WHITE SKIN AND WHITE MANs BRAINS—NOT ANY MORE
Today, searching for Enron gives us results in the form of case studies in crony capitalism.
Crime was just one ingredient, along with shocking incompetence, unjustified arrogance, compromised ethics, and an utter contempt for market judgment. It was Enron's tragedy to be run by people smart enough to know how to maneuver around the rules, but not wise enough to understand why the rules had been written in the first place.
It took the shortcomings of a handful of executives along with a community of bankers, lawyers and accountants eager to win the company's fees, a government willing to abide absurdly lax rules and a class of investor more interested in quick wealth than long term rewards.
Andrew Stuart Fastow was the chief financial officer of Enron Corporation— he was fired shortly before the company declared bankruptcy.
Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities (limited partnerships which Enron controlled) used to conceal Enron's massive losses in their quarterly balance sheets. By unlawfully maintaining personal stakes in these ostensibly independent ghost-entities, he was able to defraud Enron out of tens of millions of dollars..
Fastow served a six-year prison sentence for charges related to these acts. His wife, Lea Weingarten, also worked at Enron, where she was an assistant treasurer; she pleaded guilty to conspiracy to commit wire fraud, money laundering conspiracy and filing fraudulent Income Tax returns
Fastow utilized a "thin capitalization" rule to put debt off balance sheet, with equity contributions as low as three percent. He even cheated on that, having the equity put up by related parties (including the gay partner of an Enron executive), or even, with subterfuge, by Enron itself, thus voiding all the deals.
These deals carried about half the debt of the company, made Fastow about $45 million one year, were unreported to the board of directors, and were unsupportable by Enrons' cash flow.
Fastow was initially charged with 78 counts of fraud, mostly connected to his central role in a web of off-balance sheet entities that did business with Enron, disguised the company’s financial condition, and made Fastow tens of millions.
He ultimately pled guilty to two counts, forfeited $30 million, and agreed to testify against his former bosses as a government witness.
Fastow insisted he got approval for every single deal -- from lawyers, accountants, management, and directors -- yet noted that Enron is still considered “the largest accounting fraud in history.” He asked rhetorically, “How can it be that you get approvals ... and it’s still fraud?”
To curb black money, India has signed TIEA with 13 countries -Gibraltar, Bahamas, Bermuda, the British Virgin Islands, the Isle of Man, the Cayman Islands, Jersey, Liberia, Monaco, Macau, Argentina, Guernsey and Bahrain - where money is believed to have been stashed away.
Tax Information Exchange Agreements (TIEA) provide for the exchange of information on request relating to a specific criminal or civil tax investigation or civil tax matters under investigation. This exchange of information on request was supplemented by an automatic process on 29 October 2014. The automatic process is to be based on a Common Reporting Standard.
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes).
Double liability is mitigated in a number of ways, for example:--
the main taxing jurisdiction may exempt foreign-source income from tax,
the main taxing jurisdiction may exempt foreign-source income from tax if tax had been paid on it in another jurisdiction, or above some benchmark to not include tax haven jurisdictions,
the main taxing jurisdiction may tax the foreign-source income but give a credit for foreign jurisdiction taxes paid.
Another approach is for the jurisdictions affected to enter into a tax treaty which sets out rules to avoid double taxation.
It is not unusual for a business or individual who is resident in one country to make a taxable gain (earnings, profits) in another. This person may find that he is obliged by domestic laws to pay tax on that gain locally and pay again in the country in which the gain was made.
Since this is inequitable, many nations make bilateral double taxation agreements with each other. In some cases, this requires that tax be paid in the country of residence and be exempt in the country in which it arises
India has comprehensive DTAAs with 88 countries, out of which 85 have entered into force. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country.
Indian black money goes to Mauritius, get dressed in privacy and comes back to India in name of FDI. Geographical proximity and cultural influence of Indian diaspora have promoted an atmosphere favourable to Indian investment.
A large number of foreign institutional investors who trade on the Indian stock markets operate from Singapore and the second being Mauritius.
According to the tax treaty between India and Mauritius, capital gains arising from the sale of shares are taxable in the country of residence of the shareholder and not in the country of residence of the company whose shares have been sold.
Therefore, a company resident in Mauritius selling shares of an Indian company will not pay tax in India. Since there is no capital gains tax in Mauritius, the gain will escape tax altogether
Tax incentives in the DTAA were necessary to attract foreign investments in India. The DTAA provided close to $100 billion of foreign direct investment (FDI) equity in India between 2000 and 2015 and accounted for 34% of FDI in India being channelled through Mauritius. Without the DTAA, unemployment in India would have been higher.
The misuse of the DTAA for round-tripping money by establishing shell companies in Mauritius was also a major concern. Local funds were being squirreled out of India and returning as foreign capital, thereby avoiding taxes.
This was a route for terror funds to India. Companies using the Mauritius global business company platform to invest in India under the DTAA would continue to be exempted from capital gains tax up to 30 March 2017.
From 1 April 2017 to 30 March 2019, 50% of the domestic tax rate in India would be applicable and thereafter at the full rate of 100%. Instead of zero taxation interest on bank credit, after 31 March 2017 it will be taxed at 7.5% with a widened scope of the interest tax clause to cover non-bank debt too.
The smartest tax evaders use a combination of bank accounts, shell companies, trusts and foundations—often fronted by nominees—in one or more offshore financial centres.
Corporate tax avoidance is a greyer legal area. Companies naturally push the envelope, often betting that the authorities will have neither the wit nor the resources to confront them over their tax-minimisation strategies—or that governments will accept less tax in return for investment by "mobile capital".
In a bizarre twist in the whole multinational tax minimisation saga, it has been revealed Apple New Zealand has paid no income tax in that country for 10 years while paying $36 million to the Australian Taxation Office.
In Europe, Apple was in hot water last year for its relationship with the Irish government, which granted the American tech giant special tax status. The European Commission ordered Apple to pay $19 billion in back taxes last August, ruling Ireland had provided it “illegal state aid”.
WE ASK MODI—
WHY IS IT THAT NOT A SINGLE CORRUPT CONGRESS POLITICIAN IS IN JAIL ?
IS IT QUID PRO QUO ?
OR ARE THE COLLEGIUM JUDGES SAVING THESE BASTARDS ?
DO YOU WANT THIS BLOGSITE TO GIVE YOU A LIST OF INDIAN POLITICIANS WHO HAVE MADE MORE THAN 100 CRORES ?
OR ARE THE COLLEGIUM JUDGES SAVING THESE BASTARDS ?
DO YOU WANT THIS BLOGSITE TO GIVE YOU A LIST OF INDIAN POLITICIANS WHO HAVE MADE MORE THAN 100 CRORES ?
Shekhar Reddy started as a small contractor, riding a cycle , taking job works for Rs 10,000 to Rs 50,000 to lay roads and for other government projects.
Several ministers and IAS officers attended the funeral of Reddy's mother 9 months ago—BEEEEG mistake !
After the 2011 assembly election, he got all sand quarry contracts in Vellore and Kancheepuram districts from the Mannargudi mafia.. With strong political backing, he unleashed his money and muscle power to silence villagers, who opposed the quarrying.
Revenue officers remained mute spectators to the illegal mining. Reddy's properties begins in Yelagiri Hills in Vellore district and spreads across several places in Andhra Pradesh.
MOST OF THE CORRUPTION WAS DURING THE RULE OF THE ITALIAN WAITRESS
THIS POST IS NOW CONTINUED TO PART 23, BELOW--
CAPT AJIT VADAKAYIL