Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: due date for vat payment :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: empanelment :: cpt :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
General »
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector

Implement automatic exchange of tax information
October, 09th 2015

India has reiterated the need for global implementation of reciprocal information exchange under common reporting standards to tackle the menace of tax evasion and black money, an official statement said on Thursday.

Addressing the Commonwealth finance ministers meeting here on Wednesday, Finance Minister Arun Jaitley said that there is a "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," India's finance ministry said in a statement.

In June, India signed the Convention on Mutual Administrative Assistance in Tax Matters under the Common Reporting Standard multilateral agreement to automatically exchange financial information.

Jaitley also welcomed the final guidelines on Base Erosion and Profit Shifting (BEPS) issued by the Organisation for Economic Cooperation and Development (OECD), which has developed the common reporting standards.

"He (Jaitley) noted that India has been the beneficiary of these two systems by getting vital information on tax evasion," the statement added.

Earlier this week, the Paris-based OECD unveiled measures, including country-by-country reporting, a framework to end treaty shopping and curbing harmful tax practices through automatic exchange of information, in an effort to bring transparency in international taxation norms for companies.

OECD Secretary-General Angel Gurria said BEPS is depriving countries of precious resources to revive growth and tackle the effect of the global economic crisis.

At the G20 nations Australia summit last November, leaders endorsed a new global transparency standard by which more than 90 jurisdictions would begin automatic exchange of tax information, using a common reporting standard by 2017-18.

The deal will not only allow the countries to extract bank details for future, but they could also avail account balance information of the past five to six years upon request.

India's Revenue Secretary Hasmukh Adhia said in New Delhi on Monday the tax department is now more actively pursuing penalties and prosecutions with better access to information allowed by treaties like FATCA with the US and the taxation agreements with 96 countries.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions