Corporate waive-offs and illicit fund flows

The first paragraph of Sainath’s piece in Hindu says it all:

In six years from 2005-06, the Government of India wrote off corporate income tax worth Rs.3,74,937 crore — more than twice the 2G fraud — in successive Union budgets. The figure has grown every single year for which data are available. Corporate income tax written off in 2005-06 was Rs.34,618 crore. In the current budget, it is Rs.88,263 crore — an increase of 155 per cent. That is, the nation presently writes off over Rs.240 crore a day on average in corporate income tax. Oddly, that is also the daily average of illicit fund flows from India to foreign banks, according to a report of the Washington-based think tank, Global Financial Integrity.

Take a look!


One Response to “Corporate waive-offs and illicit fund flows”

  1. roop chand Makhnotra Says:

    Corporate waive off is very much “just and fair ” in the ongoing corporate capitalist system. where govt bye the people, far the people, off the people runs smoothly under the leadership of political parities known as the best manger of public opinion smoothening the growth of capital.Too sad on the point that majority of intellectuals support the ongoing system terming it as democracy where people are totally deprived even from clean air to breath, safe drinking water, nutritious food to take and further endangering their existence along with other bio-life by generating GNGs resulting in climate change

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: