Tuesday, 10 April 2012

Fwd: [www.keralites.net] Stop Vodafone's tax theft

 

STOP ANOTHER TAX CRIME


Market has another evil operating system of converting black money into white.
they devised this under two category . Wherever hundreds of crores are being transacted
in the current account or overdraft of big companies, some black money holders are
allowed to remit 5 crores or 25 crores to the account and the current account holder
pays back by cheque or draft by deducting his commission upto 9 or 10% for such
reverse repayment. But the introduction of monitoring of cash in flow in the banks
through aseparateagency has brought some control over thisfraudulentpractice.

However another practice said to have been more operative is UNSECURED LOANS.
Black money holder hands over cash to white fund holder and gets cheque or RTGS
in the form of SECURED LOANS with documents. The loans are written off as though
the black money holder is incapable of servicing the loan.
Recently some country has introduced FORGIVENESS TAX. The waived off
loan by the white money holder, zeros the funds received on accounts by the
black money holder. He need not repay crores of money. So,it is his income
The act of FORGIVENESS BY WHITE MONEY holder by writing of the loan given
by him in his books and benefits the BLACK MONEY holder. He shall pay
INCOME TAX for the whole amount now written off by his lender.
Perhaps this is also applicable if BANKS do write off principal amount
If the companies after getting tax exemptions for interest paid but gets
one time settlements some entry reversed assettlement!!!
More discussion shall be from the social activist invited
krish

will Mr.Pranab Mukerjee introduce an act to prevent further financial decay?
please circulate this to halt tax evasion

---------- Forwarded message ----------
From: krishnamurthy v <krishnam2007@gmail.com>
Date: Tue, Apr 10, 2012 at 10:17 PM
Subject: Re: [www.keralites.net] Stop Vodafone's tax theft
To: Keralites@yahoogroups.com

There is a process of B

On Mon, Apr 9, 2012 at 2:30 PM, Karunakaran <kvkarunakaran@gmail.com> wrote:

if there is a tax evasion by vodafone, which is known to avaaz.com,
then why can't they urge people to boycott vodafone,
and take the sim from BSNL, which is a company owned by
Govt. of India ?

Karunakaran
 
On Sun, Apr 8, 2012 at 3:35 PM, M. Nandakumar <nandm_kumar@yahoo.com> wrote:
Dear friends across India,


Vodafone could evade 11,000 crore in Indian taxes, unless Finance Minister Mukherjee closes this outrageous loophole in the forthcoming budget. Global business interests are ganging up on him, but if thousands of us stand together, we can shore up his resolve and win this battle for tax justice -- sign now, and well deliver the petition to Minister Mukherjee once we hit 50,000 signatures.

Vodafone is perpetrating a textbook case of tax evasion to the tune of 11,000 crore, hiding behind international shell companies. This fortune should fund Indias schools and roads, but it will only line foreign fat-cats pockets unless the Indian government closes this outrageous loophole today.

Finance Minister Mukherjees new budget provisions could change the law and recover the funds. But global business interests are ganging up on him this week, they even sent the British Finance Minister to bully him into dropping the provision. If thousands of us stand together behind Minister Mukherjee now, we can shore up his resolve and win this battle for tax justice.

Its time that foreign corporate greed stopped knee-capping Indias growth. Lets urge Minister Mukherjee to close the Vodafone loophole now and stand up to claim what India is rightfully owed. Sign now, and when we reach 50,000 signatures, well deliver the petition directly to Minister Mukherjee:

http://www.avaaz.org/en/close_the_vodafone_loophole/?cl=1701535286&v=13502

In 2007, Vodafones Indian arm acquired a two-thirds stake in Indian mobile operator Hutch Essar, which is owned by a Hong Kong-based company. Even though the assets were Indian, Vodafone managed to convince the Supreme Court that this massively profitable deal was not subject to Indian capital gains tax. Not only did Vodafone evade Indian tax, it hasnt paid tax anywhere for this windfall all because it hides behind shell companies.

British Finance Minister Osbourne has tried to protect Vodafone and argue that India should not alter its laws to recover the back-tax from Vodafone because it would harm foreign investment in India. But the Indian consumer market is growing exponentially, and a clear and rational tax system will only spur investment further.

Even more absurdly, Mr. Osbourne has proposed a 2012 budget in the United Kingdom with exactly the same provisions to prevent corporate tax evasion! Malaysia, Norway and other countries have also introduced similar laws because sensible governments realize they must protect their tax base from corporate thievery like Vodafones.

We can help Finance Minister Mukherjee stand up to this outrageous bullying and protect tax justice in India. Sign now to stop the runaway corporate greed and recover 11,000 crore for Indias public budget:

http://www.avaaz.org/en/close_the_vodafone_loophole/?vl

Our economy is bursting with energy, with millions of Indians working hard and paying their fair share of taxes. As the largest democracy in the world, we can set a precedent for laws that protect citizens interests against the greed of multinationals and clear a path for a fairer economy for all of us.

With hope and determination,

Ricken, Stephanie, Morgan, Diego, Emma, Shivendra, Kya and the rest of the Avaaz team


MORE INFORMATION

Why Vodafone must pay tax (Times of India)
http://timesofindia.indiatimes.com/tech/enterprise-it/strategy/Why-Vodafone-must-pay-tax/articleshow/12365324.cms

World Bank chief Robert Zoellick bats for Pranab Mukherjee on changes in tax laws (Economic Times)
http://articles.economictimes.indiatimes.com/2012-03-30/news/31261183_1_tax-laws-general-anti-avoidance-rules-income-tax-act

Govt to retrospectively tax Vodafone deal (Business Times)
http://businesstoday.intoday.in/story/budget-2012-vodafone-deal-tax/1/23264.html

Opinion on January court ruling (Tehelka)
http://www.tehelka.com/story_main51.asp?filename=Ws270112Vodafone.asp

Britain slams India over Vodafone case (NDTV)
http://www.ndtv.com/article/india/britain-slams-india-over-vodafone-case-says-tax-plan-may-hurt-investment-193009?pfrom=home-lateststories

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