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09-23-2016, 05:45 AM
LAHORE: The BahamasLeaks has exposed 475 India-related files linked to corporate personalities across sectors such as mines and metals, electronics, real estate, media and entertainment.
The Indian Express writes: “Five months after the Panama Papers, the biggest-ever leak of offshore entities registered by Panama-headquartered law firm Mossack Fonseca, comes the Bahama Leaks, which reveals incorporation details of more than 175,000 companies, trusts and foundations registered in the Bahamas, the Caribbean tax haven.
“It lifts the veil of secrecy that the Bahamas offers to multinational corporations and also rich and powerful individuals by revealing the names of ****** bearers, shareholders or beneficial owners of the offshore entities.”
The newspaper adds: “Anil Agarwal of the Vedanta Group; Kabir Mulchandani of the erstwhile Baron Group who had made it big in the domestic consumer electronics sector with Akai, Aiwa and Hitachi tie-ups in the 1990s; Fashion TV India promoter Rajan Madhu; Aman Gupta, chairman and chief executive of premium Finnish water brand Veen Waters; are some of the prominent personalities associated with companies in the Bahamas Leaks investigated by The Indian Express. Some names that figured in the Panama Papers investigation and have come up in the Bahamas Leaks, too. The two sets of data thus intersect at several points, uncovering hidden layers of offshore secrecy.”
The paper has further stated: “The release of the Bahamas Leaks comes days before the September 30 deadline of the government’s much-publicised Income Disclosure Scheme (IDS). The IDS opens a rare window for individuals and corporations to declare their hitherto undisclosed income and come clean by paying 45 per cent tax as penalty. Within hours of publication of the Panama Papers investigation by The Indian Express, the government had appointed a multi-disciplinary task force to probe the revelations. Since then, almost 100 requests for information have been sent to 12 offshore jurisdictions.
In all, the Central Board of Direct Taxes (CBDT) has put 297 Indians covered by the Panama Papers investigation under the scanner. The government may choose to include the details revealed by the Bahamas Leaks also under the ongoing ambitious tax probe.”
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The Indian Express writes: “Five months after the Panama Papers, the biggest-ever leak of offshore entities registered by Panama-headquartered law firm Mossack Fonseca, comes the Bahama Leaks, which reveals incorporation details of more than 175,000 companies, trusts and foundations registered in the Bahamas, the Caribbean tax haven.
“It lifts the veil of secrecy that the Bahamas offers to multinational corporations and also rich and powerful individuals by revealing the names of ****** bearers, shareholders or beneficial owners of the offshore entities.”
The newspaper adds: “Anil Agarwal of the Vedanta Group; Kabir Mulchandani of the erstwhile Baron Group who had made it big in the domestic consumer electronics sector with Akai, Aiwa and Hitachi tie-ups in the 1990s; Fashion TV India promoter Rajan Madhu; Aman Gupta, chairman and chief executive of premium Finnish water brand Veen Waters; are some of the prominent personalities associated with companies in the Bahamas Leaks investigated by The Indian Express. Some names that figured in the Panama Papers investigation and have come up in the Bahamas Leaks, too. The two sets of data thus intersect at several points, uncovering hidden layers of offshore secrecy.”
The paper has further stated: “The release of the Bahamas Leaks comes days before the September 30 deadline of the government’s much-publicised Income Disclosure Scheme (IDS). The IDS opens a rare window for individuals and corporations to declare their hitherto undisclosed income and come clean by paying 45 per cent tax as penalty. Within hours of publication of the Panama Papers investigation by The Indian Express, the government had appointed a multi-disciplinary task force to probe the revelations. Since then, almost 100 requests for information have been sent to 12 offshore jurisdictions.
In all, the Central Board of Direct Taxes (CBDT) has put 297 Indians covered by the Panama Papers investigation under the scanner. The government may choose to include the details revealed by the Bahamas Leaks also under the ongoing ambitious tax probe.”
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