mother of declarations

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mother of declarations

Post by Guest on Wed Dec 07, 2016 2:17 pm

http://money.cnn.com/2016/12/05/news/india/india-tax-declaration-mumbai-family/index.html?iid=surge-story-summary

The Finance Ministry said Sunday that the family from Mumbai claimed to owe the staggering amount -- two trillion rupees in local currency -- during a government tax amnesty program that ended in September.


That's three times the combined $9.8 billion that nearly 72,000 other people declared under the entire program. It's also higher than the estimated net worth of India's richest man, Mukesh Ambani, which currently stands at $22.7 billion.

Prime Minister Narendra Modi has made it his mission to stamp out corruption and tax evasion in India, where less than 2% of the population pays any income tax at all. The government loses out on hundreds of billions of dollars in revenue every year.

It is not yet clear why the family of Abdul Razzaque Mohammed Sayed -- including his wife, sister and son -- submitted the multibillion-dollar sum for the tax amnesty

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