FINANCE
Minister Arun Jaitley has emphasized the need for common reporting
standards on Automatic Exchange of Information to be implemented
globally to prevent international tax evasion and avoidance.
Intervening in the 49th Annual Commonwealth Finance Ministers Meeting
in Lima, Peru yesterday he 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.
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