Tax Evasion,especially,by MNCs is a serious problem.Not only are they benefitting by cheap labour,Resources like water,Power etc,but there are cases they evade taxes by the so-called."tax planning',when they are offered tax-concessions!!!
THIS link is a very good read,on the subject matter.This link mentions about the huge losses in SEZs too.An extract from the link above:-
"38. The concessions, upon deeper examination, show that they are acting as avenues of tax havens for
big corporates and multinational giants. There are presently 578 formal SEZ approvals granted since
notification of the SEZ act in 2006, and of these, 325 have been notified. As on March 31, 2009, Rs
98,498 crore had been invested in the new-generation SEZs. It is estimated that the tax breaks,awarded to SEZs will cost the government more than £150 billion. It is estimated by the finance
ministry that the revenue loss on account of SEZs could be over $25 billion for 2007-10, which
would be nearly 4-5 per cent of total tax revenues of the government."
The loss to the Government per Annum,as on 10/2/2013 is:-
British Pound = Rs 84.64.Hence Rs 12696 Billion = Rs 1269600 Crores.Another annual 2 G spectrum scam multiplied 10 times!!
A case study of the Polepally SEZ,Andhra Pradesh,shows the adverse impact on Human values,Culture,Society,Pollution, Coercion,politics,ethics, Local leadership,respect for traditional practices etc.
Other interesting news;-
Shell India gets notice from IT authorities.
Nokia gets Notice.
What IT subsidiaries of the MNCs reportedly,do.
THIS LINK,provides among others the losses due to Tax Concessions and concludes with:-
".While the SEZ Act and SEZ Rules are steps
in the right direction aimed at providing
a momentum to growth in exports and
employment, it is essential that the tax
incentives provided for in the SEZ Act are fine tuned
with the present scheme of taxation. A
proper understanding between the Commerce
Ministry and the Finance Ministry would go a
long way in ensuring the same."
To be continued......
THIS link is a very good read,on the subject matter.This link mentions about the huge losses in SEZs too.An extract from the link above:-
"38. The concessions, upon deeper examination, show that they are acting as avenues of tax havens for
big corporates and multinational giants. There are presently 578 formal SEZ approvals granted since
notification of the SEZ act in 2006, and of these, 325 have been notified. As on March 31, 2009, Rs
98,498 crore had been invested in the new-generation SEZs. It is estimated that the tax breaks,awarded to SEZs will cost the government more than £150 billion. It is estimated by the finance
ministry that the revenue loss on account of SEZs could be over $25 billion for 2007-10, which
would be nearly 4-5 per cent of total tax revenues of the government."
The loss to the Government per Annum,as on 10/2/2013 is:-
British Pound = Rs 84.64.Hence Rs 12696 Billion = Rs 1269600 Crores.Another annual 2 G spectrum scam multiplied 10 times!!
A case study of the Polepally SEZ,Andhra Pradesh,shows the adverse impact on Human values,Culture,Society,Pollution, Coercion,politics,ethics, Local leadership,respect for traditional practices etc.
Shell India gets notice from IT authorities.
Nokia gets Notice.
What IT subsidiaries of the MNCs reportedly,do.
THIS LINK,provides among others the losses due to Tax Concessions and concludes with:-
".While the SEZ Act and SEZ Rules are steps
in the right direction aimed at providing
a momentum to growth in exports and
employment, it is essential that the tax
incentives provided for in the SEZ Act are fine tuned
with the present scheme of taxation. A
proper understanding between the Commerce
Ministry and the Finance Ministry would go a
long way in ensuring the same."
To be continued......
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