Friday, April 24, 2009

Petition online to get back black money from Swiss banks

Requesting the readers to read and sign the petition to get back Indian money in Swiss banks:-

Petition at

The estimated money deposited in tax havens is $1500 Billion (Rs.100000 crore) which has been stashed away by corrupt officials and politicians of our country.

If this money is brought back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably.

Please sign it and forward it to all your friends.

We have to do it to create public awareness and

to put pressure on the Indian Government.


Read the following news reports on how the other governments are acting on this issue.

First U.S. citizen arrested in UBS tax evasion case

A wealthy client of UBS AG became the first U.S. citizen to be arrested for tax evasion stemming from an investigation into secret offshore accounts at the Zurich, Switzerland, bank.

Michael Steven Rubinstein, a 55-year old yacht company accountant, was charged with one criminal count of filing a false and fraudulent tax return in U.S. District Court in Fort Lauderdale, Fla.

According to court papers, Mr. Rubinstein deposited more than $2 million in Kruggerand gold coins into his UBS accounts and bought securities worth more than 4.5 million Swiss francs through the accounts from 2001 to 2008.

UBS is under criminal investigation for helping U. S. citizens hide nearly $20 billion and evade taxes through secret offshore accounts that went unreported to the Internal Revenue Service.

In February UBS admitted to conspiracy to defraud the IRS and paid $780 million to settle the charges.

Federal prosecutors say Mr. Rubinstein is the first U.S. citizen to be criminally charged in the UBS case. Judge Barry Seltzer ordered Rubinstein held in jail until a hearing next date.

Other Tax Havens Matters:-

Gov't to crack down on tax evasion: vice premier

The China Post, April 21, 2009

TAIPEI, Taiwan -- The government will work harder to crack down on tax evasion, Vice Premier Paul Chiu said yesterday.

Chiu made the remarks during a tax forum held yesterday in Taipei.

According to Chiu, given the forces of globalization, many companies have set up operational points in different parts of the world.

However, Chiu said this gives way for tax evasion.

He said anti-tax evasion has become a global trend and was a topic during the G-20 Summit held recently between some of the world's most industrialized countries.

In his speech, Chiu cited some of the most common ways Taiwanese individuals or businesses evade taxes.

First, he said, individuals or businesses set up operational points in other countries and keep earnings or profits in those operational points.

Furthermore, some individuals take advantage of their dual citizenship status to evade taxes, as Taiwan gives different tax treatments for foreign residents.

Chiu said a Cabinet-level tax reform committee has approved a resolution listing anti-tax evasion as a target of mid- to long-term tax reform.

"This is a first step towards legalizing anti-tax evasion and related laws," Chiu said.

New legislation seeks to close tax haven loopholes

Deutsche Welle, April 21, 2009

Liechtenstein is a favourite destination for German tax dodgers, but for how long?

After weeks of political wrangling, Germany's ruling coalition has reached agreement on a draft law to combat tax evasion. The revised draft law is to be presented to Chancellor Angela Merkel's cabinet on Wednesday.

Finance Minister Peer Steinbrueck (SPD) and Economics Minister Karl-Theodor zu Guttenberg (CSU) have resolved their differences after heated debate over several issues blocked passage of the proposed legislation.

Steinbrueck appears to have won this battle

The law makes it harder to illegally transfer money abroad. Steinbrueck's initial law proposal met with stiff opposition from SPD's conservative coalition partners.

Around 30 billion euros ($40 billion) are lost to Germany every year due to tax evasion and at least 10 times this amount has so far been illegally transferred abroad from Europe's largest economy, according to calculations by the DSTG tax union.


R.Sajan said...

The money belongs to our own leaders, in and out of power. Do they not already know about our foreign debts?

Jayasree Saranathan said...

Everyone knows that Swiss banks are safe places to hide black money. But now the banks are ready to break that secrecy. This is an opportunity that must be tapped.