India is considering amending the anti-money
laundering and Income Tax laws to get back the black money stashed abroad,
admitting that there are weaknesses in them.
Finance Minister Arun Jaitley hinted about this in
Lok Sabha. While making it clear that there was a need for tax-friendly regime
with reasonable taxes, he said there was also need to put the fear of law into
the offenders.
This could be done by providing for criminal prosecution and seizing of assets in India of those whose money is stashed abroad illegally so that the money comes back, he said.
On Tax system, he said "our tax system has to be friendly to tax payers, both procedurally and otherwise. And that is exactly what step by step we are trying to do. The taxation should be reasonable so that the government expenses are met, tax base widened and tax evaders don't have incentive.
This could be done by providing for criminal prosecution and seizing of assets in India of those whose money is stashed abroad illegally so that the money comes back, he said.
On Tax system, he said "our tax system has to be friendly to tax payers, both procedurally and otherwise. And that is exactly what step by step we are trying to do. The taxation should be reasonable so that the government expenses are met, tax base widened and tax evaders don't have incentive.
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