Friday, April 17, 2009

India waking up - Part II

We have just noted the tax justice agenda starting to create ripples in India. Now we've been sent something else from TaxAnalysts - no link, unfortunately, as it's a subscription-only service. This new article, which quotes TJN, may help explain the moves by India to try and tighten up on tax havens:

"The idea of repatriating wealth being siphoned to offshore tax havens caught the attention of India's political parties after The Economic Times, India's largest daily business newspaper, published Pai's letter on February 2. The letter, which suggested measures to bring the money back into India, estimated the unreported wealth at more than INR 1 trillion.

L.K. Advani, the Bharatiya Janata Party candidate for prime minister, said a mere fraction of the unreported Indian assets in tax havens would be sufficient to settle India's foreign debt."

and it added:

"Three political parties -- the Communist Party of India (Marxist), the Bharatiya Janata Party, and Janata Dal (United) -- have incorporated the issue of tax havens in their manifestos for the national elections that began April 16 and continue through May 13."

We are astonished and delighted to see this issue coming to life, around the world. Something that has been hidden and ignored for so very long.


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