No Tax Amnesty for Criminal Profits
April 11, 2011 Taxation in India
Amnesty programs for undeclared offshore funds may send the wrong message to taxpayers, according to the government of India.
The government of India has indicated that it has no intentions to instate a tax amnesty program to draw back illicit money hidden in offshore accounts. At a press conference over the weekend in New Dehli the Revenue Secretary Sunil Mitra revealed that the an amnesty program had not even been a real consideration for the government in its current budgetary planning process, despite repeated calls for an such a scheme by the public.
It was revealed that the government does not consider it appropriate to grant amnesties for any cash flows that are derived from criminal activities. The secretary explained, saying, “…you can’t give amnesty to the people who are collecting black money as proceeds of crime. So, you have to investigate their source of money. Once you start investigating that, the whole amnesty aspect is lost.”
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