There are some countries in the world where private banks are always ready to accept this ill earned money and keep it in some account from where the people can always take it out. Many times in the past also we had seen such cases where money was shifted from one country to another. These people are so clever that when they foresee that they might get caught by the police, they escape their own country and start living in other country where no one can catch them.
Knowledge is power.
This is most unfortunate and what they will do with this money. All of them talk very high and advise other people to be loyal to the country. Now what face they will have.
The money in Swiss banks itself is very high and if all that money comes to India, the country will become rich. Now, this money also comes to our country. there will be plenty of money with the government and they can distribute the same to the poor families so that they will also have a satisfactory life.
K Mohan @ Moga
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
"Life is easier when you enjoy what you do"
The list in the so-called 'Pandora list' may have people who had taken out money from this country complying the laws and system of this country. There can be people who would have evaded or avoided or use loopholes for this. So who did legally right and who did not can be known only by detailed investigation by the relevant authorities. Some have claimed that they have followed he laws and systems of this country in this regard. So let us wait for the truth to come out. Let the authorities deal with those who have evaded this country' s tax system and other laws.
But the moot question is why people avoid taxes and stack money abroad especially in tax havens or in the name of paper companies. There is a prejudice in this country against those who make money. It is felt that anyone who makes money does so only by illegal means or by avoiding all rules and systems. Second is what tempts people to hide income or evade taxes. I feel it is a mix of high taxes and unsympathetic, slow moving system. Another very significant factor is the real law abiding taxpaying persons or organisations are not rewarded or appreciated or given any importance.
So the system has to be fast acting, honest tax payers and law abiders should be rewarded and taxes should be kept realistic level. Then the law should be stringent and evaders should be exemplary punished.
For this every transaction has to be digital and/or linked to banking system. So there will be a correct and full data system also. Then the conscious tax evaders should be punished heavily. It is only when there is a deterrence that system will work. People should be convinced that paying correct tax is far better and easy than evading and getting heavily punished.