Switzerland more corrupt than India?
Where is corruption most rife: in India, the country from which, depending on your estimate, between $500bn and $1.5tr in illicit funds have been spirited overseas since 1947; or the countries in which those funds are deposited?
That was the question raised by AP Singh, the head of India’s Central Bureau of Investigation, in a speech to the first-ever Interpol Global Programme on Anti-Corruption and Asset Recovery, which opened in New Delhi on Monday. Singh pegged the amount of illegal Indian money held abroad at $500bn, or nearly 30 per cent of India’s 2010 GDP.
According to Transparency International’s Corruption Perception Index 2011, the answer to our question is clear. In TI’s ranking from best to worst, India clocks in at 96 out of 192 countries, while Switzerland sits pretty at number nine. (New Zealand tops the list, perceived as the world’s least corrupt country.)
But Singh took issue with that ranking while discussing the nature of corruption and graft: does the recipient of stolen goods – in this case, tax haven countries like Switzerland, the Cayman Islands and Dubai – bear any responsibility for the theft? Is Switzerland, where Singh said Indians were the biggest foreign depositors, any less responsible for the “black money” it holds for powerful Indian politicians, industrialists and billionaires than India?
Wrong. Tax dodging (both legal and illegal) is just one reason. There are other legitimate reasons for using offshore accounts.
Originally Posted by hulaku
There are legitimate reasons, no doubt, but a lot of Indians prefer banks from countries with strict privacy laws that do not divulge information about their customers. That money, usually obtained by avoiding taxes, large scale corruption and fraudulent business practices, is reinvested in the Indian stock markets via shell companies, more money is made and the endless cycle goes on.
Originally Posted by Corrupt
There are certain tax agreements with between India and certain Nations regarding these. It covers where the tax has to be paid, wether the tax has to be paid?? this is for some Gulf countries where there are no taxes. But there are a lot of grey areas.
Originally Posted by joethesixpack
Keep Switzerland out of your tax etc. mess.
Originally Posted by sunnysandy
Check it out.
What is more interesting "....
Mukherjee said India's Tax Information Exchange Agreement (TIEA) with four sovereign entities, namely Bahamas, Bermuda, British Virgin Islands and Isle of Man was already in force....". So it's not about ival swiss, but about incompetence and complacency of indian authority who don't really bother using available information.
Check out how thing should be done:
And please stop with these fantasies about "privacy" and stuff.
Anything which goes through SWIFT, can not be private. I doubt that these indians also use their money in Bermudas.
Your article says that information will be shared by Swiss banks prospectively not retrospectively. So tax dodgers who have deposited their money before September 2011 are safe. Also black money is mostly sent abroad through means like Hawala so SWIFT does not come into play.
Originally Posted by DS73
And this is not just an Indian concern.
the Ralph Wiggum of Mp.net.
At the end of the day being taxed on your savings is downright fkin pathetic .. money that you have rightly earned ...
I would rather have tax free banking in the UK .. as it stand if the Goverment wants growth and people to spend there money they ain't gonna have if you tax there fukin savings ..
As well the rest .. .