London: Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.
He used data from the World Bank, International Monetary Fund, United Nations and central banks....more
01:24 AM, Jul 23, 2012
New Delhi: The Government aims to finalise guidelines to implement controversial rules that target tax evasion by the end of September, its government said on Friday, as it aims to calm worried investors. The general anti-avoidance rules (GAAR), first introduced in the budget in March this year, target firms and investors routing investments through tax havens. But a lack of clarity on GAAR's implementation has panicked foreign investors, heightening their...
11:14 AM, Jul 14, 2012
New Delhi: A group of anti-corruption activists led by Subramanian Swamy will file a complaint with CBI seeking registration of a case against unnamed persons with regard to black money stashed away in tax havens. Swami, who heads an Action Committee against corruption in India (ACACI), said registration of an FIR against unnamed persons won't be a problem and after that he will approach court seeking Letters Rogatory to seek...
06:28 PM, Nov 03, 2011
New Delhi: The world community should pressurise tax heavens to share past banking information, as information shared from a prospective date won't serve the desired purpose, Finance Minister Pranab Mukherjee said on Monday. "While the countries have accepted to end bank secrecy in general, some countries have agreed to do so only from a prospective date and are not willing to exchange past banking information," Mukherjee said at a seminar...
06:46 PM, Jun 13, 2011