Finance Minister K N Choksy plans to enact fresh legislations to lure tax evaders. The law, he said, will not place a premium on tax evasion nor is it a form of tax amnesty.
rnTax dodgers can park their monies in specified development areas like agriculture, industry or utility services; or in treasury bonds or in immovable properties.
rnDefaulters will be given time till March 31, 2003, to do so. In return, Choksy promises that they will not be penalised or taxed in any form for non-disclosure. They would also become taxpayers on their incomes from and after April 2003 under the new Revenue Authority.
rnChoksy told legislators that the new measures to regularise casinos and betting centres through lower taxation, is expected to net in Rs. 200 mn in revenue.
rnLicence fees for betting centres have been halved from the present Rs. 1 mn to Rs. 500,000 to be paid up front in four quarterly instalments. The levy is further cut to Rs. 10,000 annually, if the operators dispenses with live telecast facilit