SUBJECT: 4.5/5

Synopsis of the book

Loophole Games is a discourse on different Tax Avoidance Strategies at work. Smarak Swain, the author, explores how corporate organizations affect countries through their fabricated mechanisms.

He narrates true stories on Profit Shifting, Money Laundering, Sham Transactions, Tax Havens and Base Erosion.

Through these cases, he tries to interpret various methods through which fraudsters evade laws related to tax in the Indian setup. 

First Impression

The book is solidly built and comes in a bright red colour, the cover art depicting a briefcase losing its money. In the back cover, glowing reviews for the book from various sources are being mentioned. 

My Review

India is a fast developing economy and in the current global platform, laws which are more relaxing and less stringent are preferred.

Moreover, there are syndicates working against the laws to evade taxes through various means and the Tax officer – author Smarak Swain tries to focus on this scorching issue with detailed diagrams, structures and figures, to provide his findings and guide those engaged in this field to be aware of the financial crimes.

He discusses on the topics of Profit and Gain Suppression, Base Erosion. Profit Shifting, Sham Transaction and lastly, on the current trends that facilitates blatant evasion of the dynamic taxes.

I found the last section thought-provoking and stimulating as I have harboured an interest in these systems for a long time. 

In a coherent tone, he provides his penetrative inquiry into the processes at work, for instance, how by Merger & Acquisition and through Stock Exchanges, tax can be avoided or how the Shell companies are used as vessels to turn the black money to white.

Overall, Loophole Games was an enlightening read that shows how, in a country with indigenous, informal systems as well as diverse formal laws and with increasing numbers of organizations and business practices established at a regular interval, there exist certain legal loopholes which benefit certain agencies who uses innovative methods to avoid payment of taxes.

What I loved the most?

Even for someone like me who is unaccustomed to taxation codes, laws and for that matter, the different terminologies and common systems/procedures, this text was helpful as the author explains comprehensibly, in a simple language on how an organization finds loopholes to avoid taxes.

The way the subject matter is handled makes it easier to follow and keeps one engaged in the book.

The case studies were discussed in detail and I was interested, most specifically, by the text related to Tax Havens. It was insightful and corrected my misconceptions on this subject.

Moreover, I have always been fascinated by the traditional Hundi system. So, to learn extensively about the Hawala system, its evolution, the transaction process and networks and channels, the focus on all these points made this chapter amusing and informative for me.

Actually, the whole book has revived my interest in the economy and market systems/policies.

Loophole Games is an interesting, instructive and indispensable work!

Would I recommend this book?

Yes! It is an essential read, most specifically for the individuals working in this field whether it be a Tax Consultant, Generator, Litigator, Business Manager, Revenue Collector and Auditor etc. or any reader interested in the subject of Tax Evasion.

Can’t wait to read it? Buy your copy of Loophole Games using the link below.