Close X
Thursday, December 5, 2024
ADVT 
International

G20 endorses India's concerns on black money

Darpan News Desk IANS, 16 Nov, 2014 10:55 AM
    Endorsing India's concerns about black money and tax avoidance, G20 leaders Sunday promised to modernise international tax rules.
     
    In a joint communique issued at the conclusion of the summit, the leaders said: “We welcome the significant progress on the G20/OECD (Organisation of Economic Cooperation and Development) Base Erosion and Profit Shifting (BEPS) Action Plan to modernise international tax rules. We are committed to finalising this work in 2015, including transparency of taxpayer-specific rulings found to constitute harmful tax practices.”
     
    The communique stated that to prevent cross-border tax evasion, “we endorse the global Common Reporting Standard for the automatic exchange of tax information (AEOI) on a reciprocal basis”. 
     
    “We will begin to exchange information automatically with each other and with other countries by 2017 or end-2018, subject to completing necessary legislative procedures,” it stated.
     
    Earlier Sunday, Indian Prime Minister Narendra Modi made a strong pitch at the G20 summit for repatriation of black money by stressing on the need for close coordination to address the challenge of black money, and linked it to security issues such as terrorism, a major global concern.
     
    Addressing a G20 session titled "Delivering Global Economic Resilience", the prime minister voiced support for a new global automatic exchange of information, saying it would be instrumental in getting information of the unaccounted money stashed abroad and help bring it back.
     
    Making an intervention on issues of tax evasion on the second and final day at the G20 Summit, the prime minister "reiterated his call for close policy coordination among major economies, saying this is important not just for addressing the challenge of black money, but also for security issues like terrorism, drug trafficking, arms smuggling etc.", according to an official statement.
     
    Following the issuance of the communique, the Prime Minister's Office tweeted: “India's concerns on Black Money & Tax Avoidance have found an echo & have been taken on board the final G-20 communique.”
     
    It also tweeted about the communique's reference to the BEPS action plan and transparency in taxpayer specific rulings constituting harmful tax practices.
     
    “India scores at G-20,” Syed Akbaruddin, spokesperson of the ministry of external affairs, tweeted. “PM @narendramodi strong intervention gets backing for inclusion in tax matters in final communique.”

    MORE International ARTICLES

    Vietnamese PM Prays At Bodh Gaya, Says Buddhism Binds India, Vietnam

    Vietnamese PM Prays At Bodh Gaya, Says Buddhism Binds India, Vietnam
    Vietnamese Prime Minister Nguyen Tan Dung Monday visited Bodh Gaya and prayed at the Mahabodhi temple, Buddhism's holiest shrine.

    Vietnamese PM Prays At Bodh Gaya, Says Buddhism Binds India, Vietnam

    Obama criticises new anti-Ebola measures in three US states

    Obama criticises new anti-Ebola measures in three US states
    New anti-Ebola measures adopted in three US states have been criticised by President Barack Obama following condemnation for their...

    Obama criticises new anti-Ebola measures in three US states

    Pakistan PM urged to probe London rally incident

    Pakistan PM urged to probe London rally incident
    Pakistan Peoples Party (PPP) leader Rehman Malik urged Prime Minister Nawaz Sharif to probe a Kashmir rally incident in London....

    Pakistan PM urged to probe London rally incident

    Indians in Washington celebrate Diwali

    Indians in Washington celebrate Diwali
    The Indian community in Washington celebrated Diwali with the Indian ambassador S. Jaishankar noting how the festival has become...

    Indians in Washington celebrate Diwali

    Third student dies after shooting incident in US school

    Third student dies after shooting incident in US school
    One of four students wounded during last week's shooting at a US high school has died in hospital, the NBC television network reported, quoting medical sources....

    Third student dies after shooting incident in US school

    IS executes eight in Syria

    IS executes eight in Syria
    The Islamic State (IS) terrorist group has executed eight men over the past four days in al-Bukamal city, located on the Syrian-Iraqi border, the...

    IS executes eight in Syria