NEW DELHI, India: In yet another major effort to ensure compliance with the tax laws, the government of India has announced amnesty from prosecution and penalties to voluntary disclosures of assets and holdings held abroad by the Indian nationals and companies. Announcing the first step in the parliament the finance minister, Mr. V.P. Singh said that the declaration must be made by March 31, 1987 and should include all the assets held abroad, in bank accounts or with any other organization and personal form securities, debentures, bonds, moveable and in moveable properties held abroad.
Countering the stringent criticism in the Raja Sahba by members that the scheme amounts to lemmatizing, the illegal activities, Mr. V. P. Singh arrested that there will be no compromise on Government ploy to fight tax evaders; He also made it clear that there was no effort to dilute tax laws and the attempt was aimed at for increasing compliance. The Finance Minister said that never has the government come down so heavily on tax evaders and established its credibility and there will be no compromise on this. Mr, V.P. Singh said along with the voluntary disclosure scheme, the government would deal firmly with tax evaders.
Article extracted from this publication >> November 14, 1986
