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June, 2003 |
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Management |
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Lawful Tax Planning Tax
planning is different from tax management in the sense that the letter
means efficient, systematic ad timely handling of tax matters to save
time and talent and to avoid worry, tension, stringent penalty and
prosecutions. Tax management covers maintenance of records and
documents, filing of tax returns in time and preparing other tax related
matters. It is an administrative work. Businesspersons
use tax planning because first, it helps in saving tax of a business
that in turn enhances the profitability. In other words, it is the
process of increasing the net worth of a business organization. Second,
tax planning helps in avoiding unnecessary worries, tension and
administrative hassles. Third, it helps in proper use of government
facilities. HMG/Nepal
is not positive as regards tax planning though it is not an illegal and
immoral activity. Income Tax Act, 2002 has clearly stated that tax
planning should be controlled as far as possible. The tax officials say,
there are provisions Income Tax Act, 2002 to avoid the transfer of cost
by multinational companies from a country of low tax rate to a country
of high tax rate. They also advocate that the Act has made provisions
for avoidance of income splitting between different tax-payers. The law
does not have a provision of allowing to reduce dividend income. The
Nepali tax authorities believe that the Act’s provision granting tax
office an unrestricted access to the information related to the taxpayer
further guarantees that there will be no tax planning. But in reality
there are plenty of avenues under this Act for tax planning as explained
below: Tax
Planning Avenues Businessperson
perform two types of activities related to investment. One affects for
the long time and other affects for the short time only. The first type
is related to strategic planning and the second one to operational
planning. Both of these activities have implications on tax related
matters. Some of the provisions of the Income Tax Act 2002 which can be
considered as the avenues of tax planning in both the long run and short
run planning are as follows: I.
Tax Planning under Strategic Expenditure a.
Selection of Business As
per the Act, the rate of corporate income tax for manufacturing sector
is 20 percent, for financial sector 30 percent and for other sectors 25
percent. This means, there are differences in tax rates applicable to
different sectors of the economy. The differences are created to
promote the manufacturing sector of the economy and thus to create
employment to the people. But equally important is the fact that this
difference induces tax planning. Other things remaining the same, an
investor selects manufacturing sector because the tax rate applicable to
this sector is low. In the same way, as per the Sec. 11 of the Act, the
agriculture business conducted individually is out of the tax net. Also
the incomes of agriculture related cooperatives and saving and lending
cooperatives situated in rural areas are tax-free. Even the dividend
distributed by such organizations is out of the scope of taxation. That
means, an investor can save money by investing in above stated
agriculture sector or cooperative business. Such saving of tax is
neither illegal nor unethical. It was found from one survey that 90
percent of the business firms consider tax factor while selecting the
line of business (Corporate Tax Planning in Nepal, Karna B. Paudyal,
1998). As per the Section 15 of the Industrial Enterprise Act 2049,
there is a provision to return to the taxpayer the value added tax paid
by the units that export their products or sell them to export promotion
houses, by the units that produce intermediate goods to be used in
producing exportable goods or by units earning foreign exchange.
Logically, these types of enterprises are selected by investors. b.
Selection of Product As
per the Income Tax Act, certain products are preferentially treated as
regards to income tax rates. For example, firms related to hydropower,
road, bridge, tunnel, rope way, flying bridge, trolley bus should pay 20
percent tax where as firms in petroleum industry and financial business
should pay 30 percent tax. There are differences also in loss recovery
period. It covers seven years for build, operate and transfer (BOT)
projects and four years for others. Furthermore, carry back facility is
also given to banking and insurance business. Thus, from the point of
view of tax rates and loss recovery periods, certain types of products
are given special facility giving the inducement for tax planning. c.
Selection of organizational form Proprietorship
firms get exemption facility of Rs. 65,000 if the owner is an individual
and Rs. 85,000 if the owner has a family. But a company or a partnership
organisation does not get this exemption. Progressive tax rate is
applicable to proprietorship firm but a fixed tax rate is applicable to
a company. A company’s, profits are taxed twice (i.e. once from the
profit of the company and then from the dividend received by the
individual shareholder) whereas a proprietorship does not have to pay
such double taxation. In addition, individual owners of vehicles that
are for the hire have to pay a nominal income tax (Rs. 1500 for
truck/bus, Rs. 1200 for car/jeep etc per year) which is full and final
irrespective of the actual income. All these discriminations encourage
selection of proprietorship form of business organization. d.
Selection of Location The
provisions under the Income Tax Act, 2002 and Industrial Enterprise Act,
1992 as regards to location of business help in tax planning. For
example, in remote area, an individual can avail of remote area
allowance of up to Rs. 30,000. Business established in remote,
undeveloped and under developed area should pay only 70 percent, 75
percent and 80 percent of the normally applicable tax rate. The scope of
tax planning is enhanced due to provision of applying different amounts
of taxes to firms situated in different types of cities also. Business
having up to Rs. 1 million as annual transaction or Rs. 100,000 as
income should pay only Rs. 2 thousand as tax if situated in a
metropolitan city. Business of the some nature in sub-metropolitan city
should pay Rs. 1,500 and in a municipality only Rs. 1000 (Annex 1 to the
Act). e.
Merger There
are certain techniques that help in minimizing the tax by way of merger
of a firm with another. Due to the scope of tax planning through merger,
the businesspersons consider status of the firm before merging. One of
the techniques is merging of a non-manufacturing unit into a
manufacturing (e.g. a firm related to trading) unit. According to Income
Tax Act, 2002, a trading business has the liability of paying 25 percent
as corporate tax whereas a manufacturing firm should pay only 20
percent. Thus, by integrating non-industrial and industrial units, a
firm can save some furthermore, merging of loss-making unit into a
profit-making unit is also beneficial from the point of tax saving since
the profit of profit-making unit can be adjusted to the loss of
loss-making unit. The provision of loss recovery period given by the new
Income Tax Act can be helpful in minimizing the tax liability of such
firm. f.
Selection of the sources of capital We
know, there are three sources of capital, viz. share capital, debenture
or loan and retained earnings. The rewards for share capital, debenture
or loan and retained earnings are dividend, interest and capital gain
respectively. In Nepal, the tax rates applicable to return on each of
these sources of capital are different. Interest is taxed at 6 percent
but divided is taxed at 5 percent. In case of capital gain, the tax rate
is 10 percent for gain on the sale of non-business chargeable assets
whereas the profit from the sale of other assets is taxed at normal rate
i.e., 20 percent, 30 percent and 25 percent for manufacturing firms,
financial firms and others respectively. This means, tax rates on the
return on new capital and loan are lower than the tax rate on retention.
Accordingly, interest to a business organization is a deductible expense
(Sec.14) but dividend and capital gain are not. Naturally, this means
more favorable treatment to debenture or loan than to the new capital
and retained earnings. This obviously, creates the scope of tax planning
employing more loan than new share capital and retained earnings. Since
Income Tax Act, 2002, also has favored debt, making interest a tax
deductible expense, the firm can plan tax by utilising more debenture or
loan than other forms of capital. In Nepali context, it was found that
76 percent of the executives preferred increase in debt in the capital
structure with every increase in the tax rate (Poudyal, 1998), though
from another survey conducted by the author of this article, it is found
that the average debt equity ratio in Nepali businesses is only 40:60. Normally
the discount provided while issuing debenture is tax deductible expense,
but discount provided while issuing share capital is capital expenditure
and it can be written off only as depreciation. This also induces firms
to resort to loan or debenture route to save on the tax. g.
Selection of the method of production (Sec. 11 sub-Sec. 3) Other
things remaining the same, also the selection of the method of
production has impact on the amount of tax to be paid. If a unit is
labor intensive and employs more than 600 persons, it should pay only 80
percent of tax that should be paid by unit not having 600 employees.
That means the firm can plan to save tax by employing more than 600
employees in its factory. II.
Tax Planning under Medium and Short Term a.
Make or buy decision There
are two methods of acquiring fixed assets of a firm: leasing and buying.
If assets are purchased, the firm gets depreciation facility as per the
Income Tax Act as it is taken as capital expenditure. If the asset is
leased, the rent is taken as revenue expenditure and is allowed to
deducted as expense. If fixed asset is purchased through borrowing, the
interest on capital can be deducted as expenditure. While
100 percent of the rent on the leased asset is allowed in each year as
expenditure, this is not so in case of the outlay made for the
procurement of a machine, in which case only depreciation is allowed.
Therefore, leasing is beneficial than buying machine. But in case of
building, buying is more advantageous than the construction if
depreciation is allowed for the combined cost (i.e. both for land and
building). In construction, depreciation is allowed only on building not
on land. Accordingly, between constructing a building and leasing it,
the latter is more beneficial option because it will make the firm able
to claim the entire rent of land and building as expenditure. If
a road or hospital is to be constructed by a company, it would be better
to donate the fund to central or local government and make them
construct the road or hospital since this entire amount can be written
off as expenditure under donation head itself in the year of donation
remaining within the limit of donation. If the firm itself constructs
the road, it can be deducted by way of depreciation which writes
off only one part of the expenditure in a year. It means, the
expenditure can be recovered only in a distant future. Future recovery
means decrease in the present value. b.
Repair (Sec. 16) There
are two types of expenditures, i.e., capital expenditure and revenue
expenditure. Capital expenditure is taken as fixed assets creation and
is authorized to have depreciation claim only in future. The expenditure
that increases the longevity, capacity or price of the asset is included
within capital expenditure. On the other hand, revenue expenditure is
treated as current expenditure and is allowed to be debited in profit
and loss account in the current year. Contrary to this universally
accepted principle, Income Tax Act, 2002 has treated all the repair
expenditure (whether capital or revenue) uniformly. As per the Act, if
the repair expenditure is not more than five percent of the depreciation
base of the concerned pool of assets, it is allowed as expenditure in
the year of occurrence. If the amount spent on repair is more than 5
percent of the depreciation base, the excess amount is taken as capital
expenditure and is added to the depreciation base of the concerned pool
of assets. Considering this provision given in the Act, the taxpayer can
plan his expenditure on repair and maintenance. c.
Loss recovery #
Loss from foreign source investment can be recovered from gain from
foreign source investment. #
Loss related to nontaxable source can be recovered from income from
nontaxable source. #
Loss from foreign source business can be recovered from foreign gain
from investment and business. #
Loss from investment in Nepal can be recovered from gain on investment
in Nepal and foreign country. #
Loss from business in Nepal can be recovered from gain on business and
investment in Nepal and foreign source. #
Loss can be recovered from the profit of the next four years but it is 7
years for infrastructure project. Carry back to insurance and banking
business up to 5 years is also the provision of the prevailing tax act.
All these mean that the investor can plan to recover the losses by
minimizing the tax liability as far as possible. d.
Pollution control (Sec. 17) Pollution
control expenditure is another area where management can legally save
tax. Here, it should be noted that as per the Income Tax Act, 2002 up to
fifty percent of the taxable income before deducting pollution control
device expense, research and development expenses and donation expenses
can be claimed as expenditure. That means, pollution control expense in
excess of 50 percent of the taxable income can be capitalized and
written off as depreciation in future. e.
R & D (Sec. 18) Research
is very important to a firm to sustain in the market. That is why tax
law treats research and development expenses as allowable expenditure.
Income Tax Act, 2002 too has made this provision but in somewhat miserly
way. Only up to 50 percent of the taxable income can be taken as regular
expenditure on R&D of the investment year. The remaining amount
should be carried forward and written off in future as depreciation
related to research and development expenditure. f.
Depreciation (Sec. 19 and Annex 2 of the Act) Previously,
the basis of depreciation was either the diminishing balance method or
straight-line method. The Current Income Tax Act has however prescribed
pool basis for depreciation. According to the Act, there are five groups
of assets containing ‘a’, ‘b’, ‘c’, ‘d’ and ‘e’. The
rate of depreciation is 5% on ‘a’ group, 25% on ‘b’ group, 20%
on ‘c’ group, 15% on ‘d’ group and cost/life to ‘e’
group. The amount of depreciation is calculated by multiplying
depreciation base and depreciation rate. If the remaining amount is less
than Rs. 2000 in any group the whole amount is written off in the same
year. In this context, it would be appropriate also to state that
industries and infrastructure projects like road, bridge, tunnel, rope
way, flying bridge, trolley bus, train, infrastructure projects under
BOT to be transferred to HMG and power house construction, electricity
production and transmission etc. get one third of the original rate of
depreciation as additional facility (Sub-sec, 3 and 4 of Annex 2 and
sub-sec. 2 of the Act). In contrast, the assets of other businesses do
not get such facility. g.
Stock Valuation The
commonly used methods of stock valuation are FIFO and weighted average.
FIFO method means issuing that stock at first which is purchased at
first. Weighted average method on the other hand takes into account the
average price of the stock balance on the date of issue. For the purpose
of tax saving, FIFO method is less beneficial. Since the materials
purchased at first is issued at first, the closing stock shows higher
value (assuming a period of inflation) of closing stock creating high
taxable profit to the business. Investor can save tax by adopting
weighted average method in place of FIFO method of stock valuation. h.
Donation (Sec. 12) A
taxpayer can deduct the donation made to tax-exempt organization in any
income year. The limit of such donation is actual amount donated or Rs.
100,000 or 5 percent of the net income before deducting such donation,
pollution control expenditure and research and development expenditure.
This is also on of the avenues of tax planning. i.
Retention or Distribution "Retention"
means not distributing the profit currently whereas
"distribution" means payment of tax right now at the rate of 5
percent since there is a provision of deducting tax at source if
dividend is distributed. Retention means capital gain also. In case of
capital gain, the tax rate is 10 percent. In the same way, in case of
capital gain the tax payment is delayed until the date of the sale
of the share. If there is distribution, the tax should be paid in the
year of payment of dividend. This means, the firm can at least gain from
the present value of the amount of tax that should be paid to the
government if it retains the profit. Accordingly, if the dividend is
paid to a company that holds more than 25% of the shares in the
distributing company, the dividend tax should not to be paid (sec. 54
sub. sec. 3). That is, by selling more than 25 percent of the total
shares to a company, a firm can save tax. j.
Others Besides
those stated above, there are other provisions in the tax law which also
help in minimizing tax liability of a person. For example, in case of
individual, there are provisions of remote area allowance, meal and
tiffin expenses, contribution to retirement fund in case of approved
retirement fund, medical tax credit, perquisites like residence facility
and vehicle facility etc. which can be managed to reduce the tax
liability. (Dr.
Kandel is a practising auditor and he also teaches in Tribhuvan
University. This article is adapted from his paper printed in Vol. 1
No.4 of the Nepal Accountant, a journal of the Institute of Chartered
Accountants of Nepal) Basically,
there are four ways of minimizing the tax liability, viz tax evasion,
tax avoidance, tax delinquency and tax planning. Tax evasion means
evasion of tax through illegal means. It is done through nonreporting of
income, underreporting of income, making fraudulent changes in account
books, maintaining multiple sets of accounts, operating bank account
under different names, doing business in dummy names, overreporting of
expenses, fragmenting of income, transfer pricing etc. As these are
clearly unethical activities, tax evasion is unethical and illegal
activity. Tax avoidance, in contrast, is saving taxes without breaking
the law. It is using the loopholes of the tax law to tax-payers benefit.
Thus it is not illegal, it is though unethical. From the point of view
of a lawyer, tax evasion and tax avoidance are different because tax
evasion is breaking the law but tax avoidance is reducing tax liability
by using loopholes of the tax law. But from the viewpoint of an
economist, they are the same, since they both mean reduction of tax
amount and awareness of one induces one to follow the other. In a
developed country, where there are large organizations, educated tax
payers, strict tax discipline and so on, there is prevalence of
avoidance, elsewhere, evasion dominates the scene. Another
way of reducing tax liability is tax delinquency. The meaning of tax
delinquency is delaying in paying the taxes. Tax
evasion, tax avoidance and tax delinquency are not legitimate methods of
reducing the tax liability. That is why, a business organization should
not follow these paths. Unlike these terms, tax planning is however a
legal activity intended to save tax. It is the scientific planning of a
company’s operations using various incentives, concessions,
allowances, rebates etc. provided by the government under the law. Tax
planning is related to future activity of a business organization. The
objectives of tax planning are reduction of tax liability, minimization
of litigation, making productive investment, promoting healthy growth of
economy and economic stability in a country. Tax planning entails
changing structures of a business, project planning and planning day to
day activities of a business organization. Features
of tax planning are: #
It is the genuine use of facilities provided by a government, #
It enhances economic environment of a country, #
The objective of tax planning is to reduce tax liability, # It is the use of expertise to exploit consciously provided facility, and # It is related to future activities of a business organization What
They Can’t Teach You at I
am a big fan of my friend Rajaram. Armed with an MBA from the
Harvard and a stint at McKinsey & Company’s New York office,
Rajaram is a living, breathing example of a young Nepali nationalist’s
coming back to this country to use his capitalist training to fly the
socialist “Afno Nepal Aafai Banau” program to the Himalayan heights.
“I
am going to open up a business school,” Rajaram informed me over
chicken chilly and chilled Tuborg. “Not just any business school. But
the business school of the South Asia ... the one with the best
all-around curriculum to train the best and the brightest Nepalis to
make as much money as they can.” Well,
well, well. How could you possibly disarm such charm? No way, right? So,
wide-eyed, I kept on chewing and nibbling on the boneless chicken
chunks. “You
see, I have two problems with top American MBA programs,” Rajaram
continued. “First, they are only good at cranking out graduates to
take charge of IBM, Microsoft, Goldman Sachs and other big-name
companies. What this means is that our own Gorkhali students in the US
never get to practice how to run and profit from Nepal-compatible
businesses that can bloom only in our kind of economy. And the other
problem is that so widely has the generic American MBA model been
copied, even at Nepali universities, that there isn’t much room to
teach and learn native skills that are more necessary to profit from a
business... any business... in Nepal.” From
a Hahvahd grad throwing me a free dinner at Nanglo Restaurant, all this
sounded impressive indeed. But exactly what kind of skills was Rajaram
talking about? And how would his business school teach them? “Well,
let me not bore you with abstract ideas,” smiled Rajaram. “Here, why
don’t you look at something concrete?” With
that, Rajaram clicked open his briefcase on the table, and took out a
blue folder. He pulled out a few sheets of paper and pushed them
forward. I had no choice now but to put down my fork and pick up the
neat, fresh-off-the-press pages. “To
earn an MBA at the Rajaram Business School (RBS), you must give an
up-front donation of Rs. ten Lakh (1,000,000), exclusive of tuition and
other fees, to the institution,” read the first page. On
page two was: “The faculty and the staff of the RBS FORCEFULLY
recommend that all RBS MBA candidates take all of the following courses,
each of which has been carefully designed to teach only the necessary
professional skills that they are most likely to make use of in the big,
wide world of Nepali finance, commerce and business. Case-studies have
shown that the lessons learnt in these courses can also be applied in
Bihar and Uttar Pradesh for equally lucrative results.” So
far so good. Now on to the names, numbers and the descriptions of the
“challenging courses at the Rajaram Business School.” FINANCE
420 — An Introduction to Black Marketing Just
as fish need water, Nepali businessmen dreaming of profits need black
markets. Finance 420 will sharpen your skills to evade the formal market
to buy and sell dollars, movie-tickets, sugar and all kinds of
commodities. Learn ways to smuggle gold and export ancient and neglected
idols. Master 101 ways to hobnob with the politicians, charm the police
and seduce the customs officers to bend the laws and the rules in your
favor. MANAGEMENT
530 — Fundamentals of Cartels and Monopolies Competition
is bad for your business. In Management 530, learn how to get together
with your alleged competitors to form a cushy all-Nepal association of
your business. This makes it easier for you to fix prices and devise
ways to deter newcomers from entering your industry. See how you can
pass on your costs to the consumers by driving up the prices and thereby
capturing huge producers’ surplus. Discover ways of killing
anti-competition bills, and learn to protect your expanding millions and
comfortable monopolies. SCIENCE
150 — Physics and Chemistry for Business Science
150 will teach you to mishandle the weights, the measurements and the
“taraju” to your ultimate profit. Get paid for one kg of rice when
you sell only 950 grams; collect money for one liter of kerosene when
you give out only 900 milliliters. Also, get a solid grip on the 101
ways to throw in all kinds of impurities in various kinds of food and
sell them all as “taja, taja suddha” stuff. SOCIOLOGY
290 — Creating the “Afno Manchhe” Network In
Nepal, nothing gets done without an “Afno Manchhe.” That sums up the
best-selling insight from anthropologist Dor Bahadur Bista. Sociology
290 will train you to apply Bista’s theory by teaching you ways to
cultivate the afno-manchhe network by personal visits, flattery, gifts,
favors, bribes, extortions, threats and “chakari”. Learn how to win
friends and influence people in all the right places — from the
political parties to golf clubs, from the HMG bureaucracies to the
airport. After all, the more afno manche you have, the more insider
information you will have. And the more insider information you have,
the more rapidly your business MARKETING
101 — Giving Hell to the Customers Remember,
the customer is there in Nepal to serve you; you are not there to serve
the customer. As such, figure out ways to prey on that vulnerable,
believing-everything and never protesting idiot called the Nepali
customer. Find out how to sell foodstuff such as biscuits that carry no
date of manufacture, no date of expiry, and no mention of ingredients
and other mis- and missing information. Learn how to hoard scarce
commodities now to sell later for huge profits. Also, practice the fine
art of humiliating Nepali customers by loudly shouting at them,
“Janoos, janoos, you don’t have the money to buy this.” For
foreign-looking patrons, however, learn to bend over backward to provide
special service. ECONOMICS
230 — Policy-making for profit Learn
to fight against copy-right and patent bills. Imitate and steal other
people’s products, goods, ideas and styles without paying them any
fees. Learn to say “no” to quality, customer service and
reliability. Get the inside tips on how to produce quality goods only
for export, while dumping shoddier products on the general Nepali
public. Master ways to manipulate the inside info on various shares. And
be well-versed in ways you can influence the government, of any
political party, to help you get away with the least of taxes, that is,
if you must pay any at all. POLITICAL
SCIENCE 350 — Entrepreneurship in Infant Democracy Not
many people know that Nepal’s democracy has opened up lots of
opportunities for business. Learn, for example, how to run the highly
profitable “julus for hire” business. Find out how the lazy days of
Nepal Bandh can be turned into busy days of business by hand-delivering
video cassettes, cards for Marriage game, beer and “sekuwa” to
Kathmandu’s newly-rich. Discover ways to win the contract to supply
“paan” to Kishunji for life; and beer, whisky, cigarettes and
luscious babes to other political leaders who spend all their waking
hours thinking of ways to make Nepal as developed as Singapore. ECONOMICS 345— The Subtleties
of Maoist Thought The
karya-kartas of CPN-Maoist have gently threatened to burn down our
school if we don’t offer this advanced course. This will teach
you the guerilla tactics that you need to survive in
corporate jungle. Learn how to call up company-wide “bandhs”
and “hartaal” when you don’t get what you want. Learn to call your
bosses “you, reactionary dogs” every time they worry about
markets and profits. Yes, free market in this course really means
free market, as everything is available for free. ANTHROPOLOGY
201 — The Mystery Called Marwari Why
are Nepali businessmen so jealous of the Marwaris? What makes the
Marwaris allegedly so successful? Explore these concerns in depth by
studying the history, family networks, religious rituals, immigration
patterns, language, love life and the business practices of the Marwaris,
Nepal’s most prosperous minority. Do not just sit back and criticize
them; you too can learn all their clever tactics to beat them at their
own game. By the end of Anthro 201, you will be able to sell Banarasi
saris even to the Marwaris. RELIGION
103 — Desperately Seeking Protection Learn
to run away from competition against better and stronger foreign or
domestic companies that can give quality goods at lower prices to
customers. Whip up the sentiments of nationalism, patriotism, “unfair
competition”, socialism and “Naulo Janabad” to raise tariffs on
imports. The idea behind seeking protection is that when you block
competition from outside yet are free to create internal monopolies, you
are all set to make millions from idiotic Nepalis who have no choice but
to buy your products at prices you dictate. ETHICS
175 — The Brighter Side of Child Labor For
the purpose of sponsoring NGO conferences once in a while, Ethics 175
will teach you to be against child labor in theory. But come on, who are
we kidding (pun intended!)? Children, after all, are too tempting a
source of unused labor: They eat less, take up little space, are easy to
train, don’t need pension and health benefits, can be yelled at, and
don’t hit back when slapped and beaten. All these make their services
cheaper and easily replaceable. In this course, you will learn to
justify child labor as a self-less act of social service: Think, for
example, if you don’t hire the child, what will his parents eat? Well,
talking about eating, the chicken chunks on my plate were already cold
by the time I finished going through Rajaram’s catalog. And what could
I say, except to be lost in the thought that with management gurus like
Rajaram, our beloved Nepal is well on its way to be the Banana Republic
of South Asia. After all, it’s only through the efforts of visionaries
like Rajaram who act global yet think local that a few Nepalis can get
super-rich at the expense of million others. Long
live, I say, such management principles. (This article was originally published in 1995) |
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