Tax them normally
Companies such as Satyam get away with overstating their earnings
because they derive the benefits of overstatement. They do not pay
taxes on the fictitious revenues and profits. There are no penalties.
This asymmetry should be addressed. Even as India’s policy-makers
search their souls and look for ways to cut the incidence of fraud,
they need to revisit their notions of competitiveness.
The belief that exempting firms such as Satyam from service tax
and corporate income tax will make them competitive, is a little
ludicrous. Though they may pay the minimum alternative tax, the
benefits of overstatement exceed the cash paid out as taxes.
Satyam would not have overstated its revenues and profits if it
had to back both with real cash. A big part of the blame for the
colossal fraud belongs to India’s trade and fiscal policymakers.
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