The Iraqi Dinar is presently trading at around 1175.5 (bid) Dinars to one US dollar. Solving each these problems – black cash and sustained high progress – would require considerable improvement within the capability of the state to perform its fundamental capabilities, which incorporates asserting itself on residents to take its due.
Being a tax skilled my suggestion would be that the Govt should come out with an announcement that any money deposits made by any individual for which he’s unable to show bonafide source, tax shall be levied at flat 30% plus penalty based mostly on fastened slabs (for eg. money deposit upto a hundred lakhs -Penalty 10lakhs, 100L-500L – 50 lakhs and so on) as a substitute of levying 200%, which is a major deterrent for the black cash holders to deliver the cash into the authorized system.
It’s interesting to view America’s news coverage from somewhere outside … Read More