Voluntary Disclosure Scheme in UK
Last week, the HM Revenue & Customs targeted doctors under the Tax Health Plan (THP) wherein Doctors were advised to declare their undisclosed income and avail a 90% waiver of penalty. This week the scheme is likely to be extended to Vets and Barristers. It seems the Revenue Authorities already have information about tax evasion by these professionals.
Maybe the Finance minister should seriously think of some such scheme in India for all the tax evaders. The Indian Black money economy must be at least ten times the white one and some voluntary disclosure scheme will bring in some of that black money into the white field!