No income tax if proper economic reforms take place: Swamy

Jaipur: Janata Party president Subramanian Swamy today said the prevailing political situation could lead to mid-term polls in the country. Actions of SP chief Mulayam Singh Yadav and Trinamool Congress head Mamata Banerjee indicate that they favour snap polls, Swamy told reporters on the sidelines of a function. “If we see the present circumstance, this will benefit political parties other than Congress,” he said. Speaking at another function, Swamy suggested abolition of the Income Tax, saying the country needs no tax collection if proper economic reforms are undertaken. He called for declaring black money parked in foreign banks as public asset. [caption id=“attachment_255315” align=“alignleft” width=“380” caption=“PTI”] [/caption] “The government should impose appropriate tax on top 15 revenue generating commodities and bring an ordinance to declare black money stashed in foreign banks as public asset,” Swamy said. “If this is done, there is no need to pay tax for the next 25 years. There are several ways of reforms but all these need determination and conscience,” he said at the function at the Press Club. PTI