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November 14, 2016

Tax amnesty

Newspost

 
November 14, 2016

Some big players of the property sector have succeeded in compelling the government to table before the National Assembly another tax amnesty bill (the fourth in the past three years) to whiten their black money. Those who pay taxes must be regretting why they had pay taxes at all since those who have looted the country are always rewarded. Instead of penalising habitual tax evaders, the government is punishing those citizens who have been paying taxes regularly at rates ranging from ten percent to thirty five percent.

What is more shocking is the fact that the bill will give an opportunity to those who are looking to whiten black money. In the recent tax amnesty in India, black money holders paid 45 percent of evaded amounts to whiten their black money. The Supreme Court should immediately take suo moto action and order the government to impose a higher rate of tax or return the tax money of honest taxpayers paid over the past years.

Shakir Lakhani

Clifton