-The Economic Times The last time the taxman went after those with Swiss bank accounts, many said they had no clue how their names cropped up; quite a few escaped saying that they were non-residents, some simply ignored the missives, and only a few broke down and confessed. And there were the hard nuts who, without losing their equanimity, thought through the situation, invited their accountants and lawyers over for dinner, and...
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Indians 55th biggest clients of Swiss banks
-PTI Indians' money in Swiss banks may have risen for the first time in five years, but they account for a meagre 0.14 per cent of total foreign wealth deposited there — putting India at 55th place internationally for such funds. The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs (about Rs 90 trillion) at the end of 2011, which included 2.18 billion Swiss francs (Rs 12,700...
More »Property deals, dubious donations under scanner
-The Hindustan Times From a crackdown on dubious charity contributions to encouraging the use of credit and debit cards, from tracking realty deals to monitoring jewellery purchases, the government has proposed a wide range of measures to combat black money. The proposals are part of the white paper on black money tabled in the Lok Sabha on Monday by finance minister Pranab Mukherjee. The white paper does not, however, disclose names...
More »Govt moots one-time tax amnesty to recover black money stashed abroad
-The Times of India The government's white paper on black money, tabled in Parliament on Monday, listed a one-time tax amnesty to recover funds stashed abroad and a gold deposit scheme for locals as possible ways to deal with the menace, while suggesting that individuals get the tax department's go-ahead for all property deals and face undue scrutiny on cash in their possession. It also called for setting up of independent regulators,...
More »Germany strikes deal to tax secret Swiss accounts by David Jolly
—New York Times News Service Switzerland has agreed to a revised tax deal with Germany, with Switzerland to pay billions of dollars on funds hidden in its banks by German tax dodgers. The deal was the latest step in an international charm offensive that is meant to salvage at least some of Switzerland's famous banking secrecy. The accord, which was tougher to reach after a deal in September was criticised by German...
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