The Indian government needs to make public country by country

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Canada Goose Online The Paradise Papers released November 5, just three days ahead of the first anniversary of demonetisation, named 714 Indians who allegedly dodged paying canada goose baby uk taxes in India.While the names of those who have allegedly evaded tax made all the headlines, and are still making them, one question that needs to be answered is the quantum of tax that has been evaded and allegedly siphoned off to tax havens.A quick back of the envelope calculation by Oxfam India estimates that just from 2010 2011 to 2016 2017, $153 billion of tax money that should have accrued to the India exchequer has flown out of the country through various tax havens.If you consider the budgeted estimates of total tax revenue for the current financial year 2017 2018 then, only for this period, another $26.7 billion of tax money would be leaving, or has already left, the Indian shores (please see table below).This calculation were made by Oxfam India on the basis of a 2012 report Study On Unaccounted Income/Wealth Both Inside and Outside The Country published under the aegis of the Central Board of Direct Taxes by the National Institute of Financial Management, an autonomous institution of the finance ministry.This report pinned the total tax evasion inside and outside the country at 32 per cent of the total tax receipts of the Government of India for 2010 2011.The Oxfam India research (below) extrapolated the figures for 2010 2017 based on the 32 per cent tax avoided estimate published in the NIFM study.Another study conducted by the International Monetary Fund and the United Nations’ University World Institute For Development Economic Research (UNU WIDER) has pegged the revenue loss to India for 2013 at $47.53 billion and $41.7 billion.Is there a figure for tax avoidance since Independence or say since economic liberalisation in 1991?There is insufficient data available in public domain on tax dodging in India.The Indian government needs to make public country by country reporting to further crack down on wealthy multinational companies that are shirking their responsibilities.Making these canada goose outlet tax reports public would make it easier to verify whether companies’ tax bills canada goose youth uk are in line with their real economic activity in every country where they do business and to hold them to account if not.Why do you think Indian governments failed/fail canada goose outlet to plug this tax leakage?Tax avoidance is a global problem. Tax havens are at the heart of this system.When rich individuals or multinational corporations stash their wealth in tax havens, they can dodge paying their taxes in the countries where they do business and where they make their money.As revealed by the Paradise Papers, many wealthy individuals from across the globe, including several canada goose langford uk Indians, are using tax havens to avoid or evade paying taxes on their fortunes.The Indian government must put a stop to the secrecy that enables rich individuals and international companies to avoid paying their fair share of taxes.Governments should make multinational companies report publicly their financial information to see where they do business and where they pay taxes.They should also establish a publicly available, centralised register of companies, foundations and trusts, and we should know who their real owners are. This will make it easier to follow canada goose outlet eu the money.We need a real blacklist, one based on objective, comprehensive criteria, and free from political interference.Listed countries should face stiff penalties.Indian government must work with other governments to work together to fundamentally reform the international tax system, one that does not favour the wealthy nations, to end the era of tax havens.We are also urging the government to activate public country by country reporting a change in the rules that would force multinational corporations to be upfront and honest about the taxes they pay, in all the countries they operate in Canada Goose Online.

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