India launches new tax evasion amnesty schemeStaff Writer | November 29, 2016
Indian Finance Minister Arun Jaitley unveiled a scheme to give tax dodgers another chance to come clean.
Asia 50 percent in taxes and surcharges
Under the proposed scheme, a person making the declaration would have to pay 50 percent in taxes and surcharges.
The individual would also have to park a quarter of the total sum in a non-interest bearing deposit for four years.
While Jaitley expects the scheme to discourage tax evaders from laundering their ill-gotten wealth, experts said there was no better alternative to sweeping tax reforms. ■