❝ A tax evasion amnesty in India has prompted tens of thousands of people to declare more than $9.5 billion in undeclared income and assets…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 $4.5 billion from the scheme.
❝ 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…
The BBC’s Sanjoy Majumder in Delhi says that despite the huge numbers, the amount declared is only a fraction of the country’s undisclosed earnings.
It does not account for money stashed in Swiss banks and overseas tax havens which some government investigators believe amounts to around $500 billion…
❝ In a series of tweets on Saturday, Prime Minister Narendra Modi declared the amnesty “successful”, saying it was “a great contribution towards transparency and growth of the economy”.
The government says the money raised will be spent on public welfare.
Looks like many of the corporate barons of India’s economy still take 19th Century thieves as their role model. Something often true of their class, globally. Not as easy to getaway with as it obviously has been in India.