FM For Automatic Info Exchange To Prevent Black Money

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Finance Minister Arun Jaitley has stressed on the need for common reporting standards on automatic exchange of information to be implemented globally to prevent international tax evasion and avoidance.

FM For Automatic Info Exchange To Prevent Black Money
Speaking at the 49th Annual Commonwealth Finance Ministers Meeting in Lima, Peru FM welcomed the efforts of OECD in the action plan on base erosion and profit shifting (BEPS) project and automatic exchange of information which have important implications for commonwealth countries.

He emphasized the need to ensure that the common reporting standards on automatic exchange of information are implemented globally on a fully reciprocal basis as this would be a key to prevent international tax evasion and avoidance. He noted that India has been the beneficiary of these two systems by getting vital information on tax evasion.

The meeting of the Commonwealth Finance Ministers also focused on issues relating to infrastructure financing and small states' trade financing facilities. The Finance Minister is on tour to Peru to attend the annual meetings of the IMF and the World Bank and other associated meetings.

Read more about: finance minister, arun jaitley
Story first published: Friday, October 9, 2015, 8:30 [IST]
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