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SIT Recommends making Tax Evasion a Crime
PrintIn Chapter III of Second SIT report, the SIT has recommended as under:
“Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more than 25 countries in the world which have made ‘tax crimes’ as a predicate offence. The Government needs to seriously examine the issue and take steps to make ‘tax crimes’ as a predicate offence. To prevent any hardship to salaried or small tax payer, a high threshold of say, more than Rs. 50 lakh of tax evasion could be considered as being a predicate offence”.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Rajya Sabha today.
“Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more than 25 countries in the world which have made ‘tax crimes’ as a predicate offence. The Government needs to seriously examine the issue and take steps to make ‘tax crimes’ as a predicate offence. To prevent any hardship to salaried or small tax payer, a high threshold of say, more than Rs. 50 lakh of tax evasion could be considered as being a predicate offence”.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Rajya Sabha today.
Category : Income Tax | Comments : 1 | Hits : 320
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Comments
Uday kumar
13-May-2015 , 10:47:04 amWhat is meaning of predicate offence? What would happen after considering it predicate offence?