The penalty should be more stringent for nations which encourage illegal tax planning or provide favorable tax regime to MNCs. The penalty can be by not permitting the MNCs operating from such nations to conduct business elsewhere in the world.
The law regulating the exchange of information required to prosecute the entities that try to evade tax should be further modified to enable an easier flow of requisite data.
To have maximum impact, a Code of Conduct should be adopted by the UN General Assembly to regulate the tax regimes of various nations.
If these steps are implemented uniformly by all the countries, no shifting of investments will take place. There is an apprehension that if a particular country starts levying taxes on income earned by the investments made from tax havens; those investments will shift to other nations, which are not levying such taxes. But, if all countries impose tax on
investment from such destinations, companies will have no choice but to remain invested
as the shifting will not ensure tax-savings. As pointed out by ED Mr Rahul Garg, reported in Economics times dated 3 April 2009.
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Conclusion: -
The boundaries that had so far demarcated the jurisdictions are in process of continuous dissolution. Although taxes are the price of civilization, still most of the people and companies want the civilization without the taxes. Multinational corporations, in the view of many, have been all too successful at achieving this. The legal right of a taxpayer to decrease the amount of what otherwise would be his taxes, or altogether to avoid them, by means which the law permits, cannot be doubted. A tax-saving motivation does not justify the taxing authorities or the courts in nullifying or disregarding a taxpayers otherwise proper and bona fide choice among courses of action, and the state cannot
complain, when a taxpayer resorts to a legal method available to him to compute his tax liability, that the result is more beneficial to the taxpayer than was intended. It has even been said that it is the common knowledge that not infrequently changes in the basic facts affecting liability to taxation are made for the purpose of avoiding taxation, but that where such changes are actual and not merely stimulated, although made for the purpose of avoiding taxation, they do not constitute evasion of taxation. Thus, a man may change
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