Thousands of Indians declare $9.5 billion in 'black money'

[rooster59]

Thousands of Indians declare $9.5 billion in 'black money' 

 

NEW DELHI (AP) — Tens of thousands of Indians have declared a total of $9.5 billion in money that was either illegally obtained or not declared for tax purposes as part of a one-time opportunity to come clean under a government scheme, India's finance minister said Saturday.

 

The declarations of the "black money" by 64,275 people came in a four-month window that ended Friday, allowing them to pay a tax, surcharge and penalty totaling 45 percent to avoid prosecution, Finance Minister Arun Jaitley said at a news conference.

 

Prime Minister Narendra Modi won elections in 2014 promising to curb corruption, the flow of black money abroad and lack of financial transparency.

 

The government has been facing opposition pressure to act since the April release of financial documents naming companies and individuals who may have dodged taxes by setting up shell companies and accounts through brokers based in Panama. The so-called "Panama Papers" include the names of about 500 Indians who have invested in offshore companies.

 

Jaitley said that a previous 1997 amnesty scheme had yielded $1.5 billion to the government.

 

 

-- © Associated Press 2016-10-02

[halloween]

I know a Nigerian who has a secret process to wash it.

[SnakeBite]

Halloween, I think you're smelling your  OWN  BS.  If not then what is the chemical used to wash it with then?

 

 

[phantomfiddler]

3 hours ago, SnakeBite said:

Halloween, I think you're smelling your  OWN  BS.  If not then what is the chemical used to wash it with then?

 

 

 

Snakebite, where is your sense of humour ?

[BuaBS]

Except for the Panama paper guys , who were outed , they should have shut up and bought Gold .

[phantomfiddler]

I for one am really surprised that so many indians have a conscience ! There must be some other factor explaining their willingness to declare ill gotten gains. I also heard that one cannot subject an indian to a polygraph (lie detector) test, as they are so used to lying that the normal involuntary reflexes are not triggered :) But I do love indian food, ridiculously overpriced as it is !

[soalbundy]

Black money, isn't that a bit racist ? Sub Saharan money anybody ?

[williamgeorgeallen]

that would not work in thailand. seems no one (other than us foreigners) has to pay any tax here.

[Colabamumbai]

3 hours ago, phantomfiddler said:

I for one am really surprised that so many indians have a conscience ! There must be some other factor explaining their willingness to declare ill gotten gains. I also heard that one cannot subject an indian to a polygraph (lie detector) test, as they are so used to lying that the normal involuntary reflexes are not triggered :) But I do love indian food, ridiculously overpriced as it is !

 

Having lived in both Thailand and India for many years, I would trust an Indian much more than a Thai. Being involved in both legal and illegal businesses with both.Thais will rat out on you like white on rice, Indians keep their mouths shut.

[Grubster]

5 hours ago, williamgeorgeallen said:

that would not work in thailand. seems no one (other than us foreigners) has to pay any tax here.

Really, I haven't paid any outside of sales tax, who pays for the roads and stuff.

[Grubster]

Why doesn't the USA give this a try? 

[williamgeorgeallen]

6 hours ago, Grubster said:

Really, I haven't paid any outside of sales tax, who pays for the roads and stuff.

partly me. income tax, VAT, company tax social tax. a lot of thais getting upset about the state of the roads. planting things in the holes or swimming in them. the good general was on TV yesterday asking where all the money he dished out to fix the roads has gone.

[Srikcir]

7 hours ago, Grubster said:

Why doesn't the USA give this a try? 

It has - IRS Offshore Voluntary Disclosure Program 2016.

Applies to US citizens with an undeclared offshore bank account or offshore corporation.

For the last eight years, the IRS has offered a number of tax amnesty programs to allow taxpayers to come forward and declare unreported non-US source income and assets.  http://wldtax.com/update-on-irs-tax-amnesty-programs/

 

[Pimay1]

1 hour ago, williamgeorgeallen said:

the good general was on TV yesterday asking where all the money he dished out to fix the roads has gone.

New cars, trucks, smart phones and home remodeling just to name a few.

Edited October 3, 2016 by Pimay1

[Srikcir]

13 hours ago, soalbundy said:

isn't that a bit racist ?

No more than is Black Ops, being in the black with regard to business income, black widow spider or Shirley Temple Black.  In economics there is the  black market named for an underground economy, or shadow economy market characterized by some form of noncompliant behavior with an institutional set of rules.

 

[soalbundy]

9 minutes ago, Srikcir said:

No more than is Black Ops, being in the black with regard to business income, black widow spider or Shirley Temple Black.  In economics there is the  black market named for an underground economy, or shadow economy market characterized by some form of noncompliant behavior with an institutional set of rules.

 

55555555 bunch of racists and we didn't know it, wait until the PC mob gets on to this, everything will be changed to green cant hurt anyone's feelings with green, oh wait, what about the plants. 

[Grubster]

1 hour ago, Srikcir said:

It has - IRS Offshore Voluntary Disclosure Program 2016.

Applies to US citizens with an undeclared offshore bank account or offshore corporation.

For the last eight years, the IRS has offered a number of tax amnesty programs to allow taxpayers to come forward and declare unreported non-US source income and assets.  http://wldtax.com/update-on-irs-tax-amnesty-programs/

 

Have any of the scum bags bucked up?

[Srikcir]

9 minutes ago, Grubster said:

Have any of the scum bags bucked up?

Since the program began in 2009 IRS has collected through 2015 more than $8 billion from this initiative.

 

For the over 2,000 American taxpayers publically identified in the Panama Papers, they'll face  IRS tax audits, referrals to the Criminal Investigation Division (IRS) for investigation, and if warranted a referral by the IRS/CID to the US Department of Justice for criminal prosecution for tax crimes. They face 100% penalty on avoided taxes and a tax of 27.5% based on the highest total balance held in the foreign bank accounts/ or value of foreign assets. And of course, there is also interest on the outstanding income tax liability and tax penalties until paid in full, even if litigated. http://www.lorman.com/resources/whitepaper-the-irs-and-the-panama-papers-us-taxpayers-103617WP

[Grubster]

8 minutes ago, Srikcir said:

Since the program began in 2009 IRS has collected through 2015 more than $8 billion from this initiative.

 

For the over 2,000 American taxpayers publically identified in the Panama Papers, they'll face  IRS tax audits, referrals to the Criminal Investigation Division (IRS) for investigation, and if warranted a referral by the IRS/CID to the US Department of Justice for criminal prosecution for tax crimes. They face 100% penalty on avoided taxes and a tax of 27.5% based on the highest total balance held in the foreign bank accounts/ or value of foreign assets. And of course, there is also interest on the outstanding income tax liability and tax penalties until paid in full, even if litigated. http://www.lorman.com/resources/whitepaper-the-irs-and-the-panama-papers-us-taxpayers-103617WP

Thanks for that info, I hope they get hammered for turning their back on their country. Now go after the big boys who moved their headquarters to avoid helping the taxpayers who gave them their start. They want to be foreigners, then be foreigners and keep your junk out of US markets.

[Srikcir]

24 minutes ago, Grubster said:

Now go after the big boys who moved their headquarters

That will be up to the US Congress currently controlled by the GOP to enact new laws.

[Grubster]

24 minutes ago, Srikcir said:

That will be up to the US Congress currently controlled by the GOP to enact new laws.

True and being that Congress on both sides of the isle are in the pockets of said companies, there is not much chance.