Lima, Peru: Keen to put in place a system to prevent international tax evasion and avoidance, Finance Minister Arun Jaitley has made a strong pitch for countries to implement Common Reporting Standards on automatic exchange of information.
Mr Jaitley in his intervention during the 49th Annual Commonwealth Finance Ministers Meeting here welcomed the efforts of OECD in areas of BEPS project and automatic exchange of information which have important implications for Commonwealth nations.
"He emphasised 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," an official statement said.
The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project provides governments with solutions for closing the gaps in existing international rules that allow corporate profits to 'disappear' or be artificially shifted to low/no tax environments, where little or no economic activity takes place.
Revenue losses from BEPS are conservatively estimated at USD 100-240 billion annually, or anywhere from 4-10 per cent of global corporate income tax (CIT) revenues.
Mr Jaitley noted that India has been the beneficiary of these systems by getting vital information on tax evasion and emphasised the need for genuine and equitable multilateralism in deciding global norms and standards on taxation.
The meeting of Commonwealth finance ministers also focused on issues relating to infrastructure financing and small states trade financing facility.
Mr Jaitley is on an official tour from October 7 to 11 to Peru to attend the annual meetings of the International Monetary Fund and the World Bank as well as other associated meetings.
Mr Jaitley in his intervention during the 49th Annual Commonwealth Finance Ministers Meeting here welcomed the efforts of OECD in areas of BEPS project and automatic exchange of information which have important implications for Commonwealth nations.
"He emphasised 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," an official statement said.
Revenue losses from BEPS are conservatively estimated at USD 100-240 billion annually, or anywhere from 4-10 per cent of global corporate income tax (CIT) revenues.
Advertisement
The meeting of Commonwealth finance ministers also focused on issues relating to infrastructure financing and small states trade financing facility.
Advertisement
COMMENTS
Advertisement
IMF's Gita Gopinath Goes Bullish On India's Economic Growth India May Take 75 Years To Reach 1/4th Of US Per Capita Income: World Bank India Received $120 Billion In Remittances In 2023: World Bank Report Indian-Origin Family, On Way To Daughter's College, Killed In US Car Crash Woman Doctor Assaulted By Drunk Patient, Attendants At Mumbai Hospital BJP Leader, 2 Doctors Summoned Over 'Fake News' On Kolkata Rape-Murder Questions That CBI Asked RG Kar Hospital Ex-Principal Over Kolkata Horror Imane Khelif, And The Scourge Of 'Transvestigators' Swiggy, Zomato Roll Out New 'Group Ordering' Feature On Respective Platforms Track Latest News Live on NDTV.com and get news updates from India and around the world.