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  • Category: Miscellaneous

    Pandora revelations and dirty tricks to garner assets in others name

    The latest bombshell of Pandora papers revealed that top world leaders and top Iconic Indians have invested their money in abroad assets on other names to evade the tax and that was one of most damaging scam which runs into crores and the prestige and popularity of the so called great figures across the world has become the non entity for their dirty acts of concealing the truth before law. There would be lots of discussions and the truth would be more damaging to those who earned their name and fame but tarnished with this revelations.
  • #744186
    It is very unfortunate that many people in high positions amass a lot of wealth through corrupt practices and deposit it in foreign banks or convert it in some property in other names so that they are not caught by the law.
    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.

  • #744189
    Yesterday I saw this news in some of the newspapers. The names like Sachin, Anil and many more are there in the list. When they earned money why they should think of evading the tax. These people are known internationally and have a good name. But now with this information to the public, their real nature will come to the public.
    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.

    drrao
    always confident

  • #744190
    This is not about stashing of illegal money but about purchasing assets in other countries under different name?
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #744208
    It is really a matter of embarrassment, often the famous leaders or personalities of the country have been found guilty in such kinds of scandals. The greed of money and property is making the people mean by reducing the feelings of humanity and patriotism etc. and people are crossing sari limits just to advance themselves in the crowd of corruption like a corrupt one by closing their eyes. Many such cases have come to the fore in the past, but perhaps due to the flexibility of the rules or laws or the familiarity of famous people, such people always get saved and such crimes keep happening continuously.

  • #744213
    As long as there is an opportunity many will try to cash in. If there is a way to purchase properties in a different name to avoid tax some rich people may try it because of their greed. There are no dirty tricks, only insatiable greed to make more money with the help of a system that supports such acts. As long as such systems of concealing the identity of the property owners exist it will be utilised. Surprisingly, rather than acting tough on such institutions/banks, the focus is more on people who are involved in such acts. The question is whether it is legal or illegal. If the complete system of hiding the identity of the account/property owners is legal then nobody should raise a question about it. If they are illegal then why they are still functioning must be answered by the concerned authorities.
    Sankalan

    "Life is easier when you enjoy what you do"

  • #744215
    Those who earn money-that also big money- will naturally wish to keep it safe and also make it grow. There are many avenues available for this. People will be keeping money in those places where there is nil or low taxation.
    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.

  • #744216
    I always flt that instead of income tax there should be expense tax. Any one who earns money has to spend it , otherwise it is not useful. So let those who spend more pay more tax. Now our tax system is burden for the low income as well as the high income. Even the low income people have to pay taxes in the form of indirect tax on every item they buy or every service they get. As there are some very essential things which both rich and poor buy, the poor also are taxed by way of indirect taxes. Those who already paid for the income they got and only the net income they spend even that is taxed. Is that not injustice and cruel? So instead if every spend is taxed, then it is justifiable as the rich will spend more and pay more tax and poor will spend less and have les tax burden.
    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.


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