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GNI DJ Registered:: November 03, 2003
Posts: 18360
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Posted
From The TimesJuly 19, 2008
Crash-landing for India’s jet-set after the taxman seizes their private aircraftRhys Blakely in Bombay India’s taxman is bringing the country’s super-rich down to earth – by seizing their private jets. At least ten luxury aircraft have been impounded by Indian customs officers in the past fortnight and hundreds more are being scrutinised. Mukesh Ambani, the mogul behind Reliance Industries, India’s largest private company, was among the first to suffer the ignominy of having his wings clipped when officials impounded two of his executive jets. The brace of seized aircraft included a £30 million Airbus A-319, allegedly bought by Mr Ambani as a birthday present for his wife. Customs officials claim that the jet was imported into India under a scheme that offers tax breaks for aircraft used to ferry ticket-bearing passengers and that Mr Ambani owes import duties of £12 million because it was used exclusively for private trips. A Reliance spokesman said that the company had “complied with all procedures and documentation”. Mr Ambani might at least find solace in the fact that his archenemy has been caught under the same tax net. A jet belonging to Reliance ADAG, the conglomerate run by Anil Ambani, Mukesh’s estranged brother, was issued with a seizure notice in Bombay this week after it flew in from London. It is thought that the authorities are seeking payment of more than £4 million on the Global 5000 Bombardier. Aircraft belonging to GMR, the Indian infrastructure group, Oberoi, the real estate developer, and India-bulls, one of India’s largest retail stockbrokers, were also impounded before their owners put up bank guarantees to have them released. A source at one of the affected companies said: “They have declared war: officials say anyone who has bought an aircraft is fair game.” Speculation abounds that a clamp-down on the ultra-rich may have political rewards in Delhi, where, in the run-up to elections, India’s Government is being attacked for failing to ensure that the poor benefit from the country’s economic boom. The Ambanis’ tax and travel woes are unlikely to be of great concern to most of India. On a quarter of the country’s roads, packed with cows and carts, average speeds are as low as 20mph, the World Bank says. Four out of ten of the rural villages – or a quarter of India’s population – are not linked by an all-weather road. The aircraft seizures could also help to narrow India’s yawning fiscal deficit. The Government’s tax department could be sitting on a goldmine: as many as 250 private jets may have flown into India under the radar of the authorities in the past two years and according to reports, 65 aircraft owners have so far been identified as flouting tax rules. With India’s stock market having lost about 40 per cent of its value so far this year, many of the country’s nouveau riche are feeling rather less riche than they did just six months ago and demands for tens of billions of rupees in tax arrears could not come at a worse time. For the country’s leading high-flyers, however, the greater source of pain is likely to be the thought of travelling on public transport. It has been estimated that India must spend at least $500 billion (£251 billion) to improve its crumbling infrastructure, a sum that stands testimony to the condition of most roads and airports. Alive to the travel rigours suffered by hoi polloi, the wealthy have ploughed ahead with their own alternatives. The demand for private air travel in India was underscored in April, when the Government gave the nod to fast-track construction of private airports. Bombay’s tabloids soon carried pictures of the first private helipad to be built in India’s commercial capital without permission from the Indian Cabinet. The work, inevitably, was being carried out on top of a building shared by the Ambani brothers. Steep take-off of the high-flyers — India gained 19 dollar billionaires last year. It now has 54 – more than Japan for the first time. It has 123,000 dollar millionaires and their ranks are growing faster than anywhere else in the world — Worldwide deliveries of private aircraft are expected to top 1,200 this year, the third consecutive record, fuelled by demand from Asia, the Middle East and Russia — Analysts predict sales will keep rising until at least 2010 and will top £110 billion over the next decade —On a quarter of India’s highways the average speed is 20 miles per hour — About 300 million Indians live in homes not connected by an all-weather road http://business.timesonline.co.uk/tol/business/markets/...a/article4360317.ece |
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Junior Member Location: Bradenton, FL
Registered:: May 10, 2006
Posts: 3404
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Posted
Indeed this foreign exchange should be used to enhance India's poor physical infrastructure and uplift the poor. However, if they really want private planes , then let them find a way to make them at home.
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Elite Member Registered:: February 27, 1999
Posts: 26746
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Posted
government confiscation is simply theft like a common theif, only difference is the government dons a cloak of legality. Burnham did it to the Bauxite company, Guyana stores etc. India is doing it.
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New Recruit Registered:: July 06, 2007
Posts: 552
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Posted
Bonus, You cannot compare the two situations.Burnham NATIONALIZED the Bauxite company, Guyana stores etc. He was a dictator. India is not a dictatorship. even though I don't agree on many of the govt's policies. They are simply clamping down on these super rich arrogant Indians, who are flaunting their riches in the face of Indian poverty. They are rich enough to pay their fair share of taxes etc., and should not try to do anything illegal |
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Junior Member Registered:: July 02, 2007
Posts: 1725
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Posted
Ambani recently bought 200 movie theaters in the United States. The man has struck deals with Stephen Spielberg worth hundreds of millions. The Ambanis should pay their fair share of taxes.
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Elite Member Registered:: February 27, 1999
Posts: 26746
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Posted
you idiots don't realize that "fair share of taxes" is subjective, and that governments actually steal from people through high taxation not only nationalization.
If I am a president and I arbitrarily determine that the rich should pay a 100% sales tax on luxury items, even though the 100% is legal, it is still theft of the rich man's money. |
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New Recruit Registered:: May 26, 2006
Posts: 178
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Posted
We have that in Guyana,we call it "crab in a barrel" |
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Active Member Registered:: June 17, 2002
Posts: 11231
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Posted
Is which School some of these people went to??? laad Ah mercy, Citizens should be allowed to break Tax laws and nothing should be done about it. GEEEZ Einstein in De House.
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New Recruit Registered:: July 06, 2007
Posts: 552
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Posted
Bonus, Waht an assinine statement. |
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New Recruit Registered:: July 06, 2007
Posts: 552
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Posted
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Junior Member Registered:: March 03, 2003
Posts: 3535
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Posted
I agree that citizens should pay taxes, but isn't 40% too much?
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GNI DJ Registered:: November 03, 2003
Posts: 18360
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Posted
In the UK I pay 40% income tax plus 17% vat on everything I buy + 60% tax on fuel + social security + pension funds + house, car and life insurance + house tax, that is before I include gas, electricity and water bills.  |
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Elite Member Location: Brampton,ontario,Cda
Registered:: June 28, 2002
Posts: 28786
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Posted
You know! You are really presumptous.. |
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Elite Member Registered:: February 27, 1999
Posts: 26746
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Posted
the early American Colonists understood this fact both explicitly and implicitly. King George raised taxes to 1% in some cases and went as high as 3%. The Americans justly kicked out the Brits, "Life, Liberty and the pursuit of happiness". Two things are essential to freedom 1. Who coins the money. 2. How the tax system is structured. Why? Because the coining of money, and the tax system are subtly coercive in that they control the wealth of the people. Every shrewd tyrannical government knows this. And with the advent of public education/public schools, the masses have been following the pied piper to their graves. The British Govt steals 40% of Sunils income, and takes 17% on all goods that he purchases. If Sunil was living in 18th century America, he would be considered a sadomasochist for submitting to such ignominy. But then again, Sunil went to public schools. The rich understands this concept of governmental larceny this is why they hid their hard earn money in off shore accounts. |
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Elite Member Registered:: February 27, 1999
Posts: 26746
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Posted
the only thing India has to do is end the caste system, thereby allowing every man to achieve according to his ability and work ethic. |
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Elite Member Location: Brampton,ontario,Cda
Registered:: June 28, 2002
Posts: 28786
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Posted
Who is India? The Government? They can't do squat all.. They can't tell the hindus to stop practicing their religion and culture. They can't legislate laws to prevent Hindus from Practicing their religion.. In india, there are 150 milliin muslims, 60 million christians, 20 million Sikhs, 45 million Jains, 63 million budhists.. India cannot tell them what to do.. .. |
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Active Member Registered:: June 17, 2002
Posts: 11231
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Posted
Guyana does not have a caste System, how come some are making it and others are NOT????
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Active Member Location: Washington, DC
Registered:: January 15, 2001
Posts: 10181
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Posted
You might want to include the US, Canada, Britain, etc. |
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Junior Member Registered:: September 05, 2006
Posts: 4381
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Posted
And why is this so? Too many Brahmin's?  |
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Elite Member Location: Homeless in New York, Lil ABC dropout!
Registered:: March 22, 1999
Posts: 23035
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Posted
Saudi Arabia has no income tax or corporate tax for their citizens.
Pack your bags! |
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Active Member Registered:: June 17, 2002
Posts: 11231
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Posted
But Employers does give you a good beat down.
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