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: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
General »
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble

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