towards expenditure for setting up and functioning of the SPV for a three-year period after incorporation.
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Suggestions to unearth black money
A. AREA/INDUSTRY WISE SUGGESTIONS
The consumer markets and the real estate sector emerge as the top sectors that witness the generation of black money in India. Suggestions to tackle the challenges of unearthing black money in each of these sectors are as follows:
1. Consumer Markets/Jewelry
A majority of the Indian consumer market is unorganized due to the presence of small businesses which largely deal in cash, both, when buying products and selling them. While FMCG companies issue invoices to such businesses
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Irrespective of the reported value of the property a fixed component has to be paid to civic authorities, while the variable component will be dependent on the current market prices of the property. The market price of a property will be determined by an independent government approved agency. The value of the property reported by the agency will form the basis for calculating the taxes and charges to be paid by the buyer.
Such a practice will render buyers and sellers incapable of underreporting the transaction price. As a result taxes will be paid in full. This will significantly reduce use of cash in real estate transactions. A simplified tax regime applicable to the real estate sector will also enable authorities to better detect instances of avoidance.
The Real Estate Regulation Bill is a step in the direction to make the process of approvals transparent and automated which will also reduce the scope for generation of black money.
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There are millions of businessman’s who earn money, which is taxable, but they don’t declare their actual income and don’t pay tax honestly.
Please remember that we have to realize our moral responsibility of contributing in building our nation. Don’t contribute to black money, contribute to nation. Pay your tax honestly.
(2) Say no to corruption :-
Corruption is now part of life; most of black money generation takes place due to corruption. Time has come to change our tendency towards corruption. We all must say no to corruption. Most of people offer bribe for getting work done quickly. Some simple examples are giving bribery to police, when you break traffic rule or to RTO officer for getting driving license quickly. At each and every stage people are getting corrupt because of we allow them to do so.
Let’s say no to corruption to prevent generation of black money.
(3) Say no to cash
This paper is written to provide a reasonably comprehensive overview of Section 1031 of the IRC as it pertains to real estate transactions, and to offer some thoughts on the wealth-creation advantages that 1031 Exchanges offer.
The housing tax credit worked. Based on the sales data, a number of buyers took advantage of the credit. When real estate assets are in the hands of new buyers, it should be viewed
In order to achieve these goals The following laws must be implemented by the government of Canada in all three levels of government. With the increase of development in the GTA, the housing market will decrease. Therefore, the municipal government will need to reduce development costs while Fast-tracking zoning approvals for residential development. It is also important that they streamline other approval times for all stages of projects to aid in the
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) identifies the real-estate sector to be susceptible to money laundering by foreign persons and with foreign money (Business Corruption in Canada, 2016).
All lives revolve around decisions and instances from ones past. In A River Runs Through It (1992), director Robert Redford uses this idea and applies it to a true story of two brothers from Montana, Norman and Paul Maclean (Craig Sheffer and Brad Pitt, respectively). Based on the autobiographical novel by Norman Maclean himself, River uses Maclean’s metaphysical beliefs about life and nature to present its many themes. Using a longing score, various film devices, and a story line involving themes of youth, loss, and the pitfalls of pride, Robert Redford crafts a film about the beauty of the past.
Nowadays, investing in real estate is one of the lucrative commercial sectors that will provide large chances for an investor to generate cash with no trouble. Real estate is a commercial industry that, over time, has dealt with very small threats or failures. This is measured in such a way that investing in real estate is very much gainful and favorable when assessed to divide selling and buying cash or perhaps trading gold, silver, or even platinum.
The nation currently faces a widespread crisis of foreclosed homes. In what has proven to be an unstable market for homeowners, viable solutions must be explored. I would like to share my ideas on implementing a housing initiative to improve the structural integrity of the real estate market.
The organized crime was difficult to eliminate in a short run. The frequency of the criminal activities would be reduced to a large extent if the criminals could not gain huge benefits from the illegal markets. Various strategies should be combined to deal with the organized crimes, and the results of the different strategies should be examined to acquire the most optimal ones.
For Canyon Ranch, the value customer information is helping the company to know their customs, to understand what their customers want, to provide unparalleled services and to achieve both the customers and the company’s goals. Therefore, customer information is priceless, especially for the customer-based company like Canyon Ranch. By gathering information of potential customers, Canyon Ranch could have a better outlook about the feature and needs of their guests. By providing unique service tailor to individual customers needs, they can enhance the customer experience and increase the customer satisfaction. Just like what Harley Mayersohn claimed “Everyone experiences a different Canyon Ranch, we’ll meet you where you are”. If Canyon Ranch have no idea about “where you are”, it would be impossible for them to grow business by positive word of mouth and achieve their goals of “inspiring people to live in a happier, healthier, and more fulfilling life”.
China has a network of lakes, ponds, reservoirs, streams and rivers spread all over the country. Inland water area totals is about 17.5 million ha, almost 1/50 of the land area. Annual rainfall in China is about 6,000 billion m3, of which 2,600 billion m3 forms the country's water resources.
It is said that black money in India accounts for 20 % of GDP. If this is true, then black money generated every year must be around Rs 400,000 crore or $ 80 billion. This is a huge amount, more than the entire budget of the government at the Centre. We have a government that spends about Rs 350,000 crore a year, most of it on itself, and asks for accounts of every paisa. On the other side, we have black money worth Rs 400,000 crore every year, which is just guesswork, and there are no accounts. This money goes into property, which is why real estate prices are so high, and of course five-star
In this day and age, a corporation, family, or individual always has a potential risk of encountering fraud within their money supply. On average, fraud and abuse costs U.S. organizations more than $400 billion annually (Federal Bureau Investigation, 2010). Many may think that white collared crime is only money laundering or stealing, but that is only two out of the sum that countless culprits get away with. The term “white-collar crime,” originally coined in 1939 is synonymous with the full range of frauds committed by business and government professionals (Federal Bureau Investigation, 2010). These frauds include anything from bankruptcy fraud, money laundering, identity theft, corporate fraud to a wide number of threats all circling
Government policies and subsides have a sizable impact on property price, and demand. The government can temporarily boost demand with tax credits, deduction and subsidies. From the customers point of view
The formation of UAE Real Estate Regulatory Authority (RERA) was to organise regulatory activities in the country. The main fear is about foreign property developers, who leverage their projects from local financial intermediaries, due to lack of sufficient capital. The government intention is mitigate the risk on the quantity of available finance to foreign developers, who do not have capital financing of their projects. It becomes a buffer to be used in case of a crisis.
However, one may well be aware of 'Swiss bank accounts, ' the shorthand for murky dealings, secrecy and of course pilferage from developing countries into rich developed ones. In fact, some finance experts and economists believe tax havens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital from the developing countries to the rich. In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe.