India's report on tax evasion to be released in OECD meeting

Updated: Wed, Nov 08, 2017
07:59 pm
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India will release a peer review report on legal steps taken by it to combat offshore tax evasion and enhancing of global cooperation for exchange of information to fight tax crimes at a global conference next week.

Reports from five other countries will also be released alongside India during the 10th meeting of the 'Global Forum on Transparency and Exchange of Information for Tax Purposes' in Cameroon.

"New efforts to ensure a worldwide level playing field and global implementation of transparency standards will top the agenda during the 10th meeting," Organisation for Economic Co-operation and Development (OECD) said in a statement issued here.

The meeting, scheduled between November 15-17, will "have representation" from India, said official sources in the Union finance ministry in New Delhi.

Six second round peer review reports will also be published during the meeting that includes India, Curacao, Denmark, Isle of Man, Italy and Jersey, the statement said.

The meeting will bring together more than 200 delegates for discussions on accelerating international cooperation against tax evasion with a focus on developing countries, particularly those in Africa, it said.

The members will discuss key developments in the areas of exchange of information on request as well as automatic exchange of information.

"They will also discuss the Global Forum's future work plans to strengthen their cooperation and how to maximise the benefits of improved tax transparency," the OECD said.

A peer review is conducted by the member countries of a nation to check the implementation of the OECD stipulated standards of transparency and exchange of information for tax purposes initiated by it to combat offshore tax evasion crimes.

The OECD said the global cooperation to fight tax evasion and avoidance has grown rapidly over the past few years and "tax transparency and exchange of information between tax authorities about financial assets and activities of their taxpayers abroad has proved to be a valuable tool in this fight".

The development comes at a time when India and other countries have come across tax practices detailed in 'Paradise Papers', a trove of leaked offshore investment documents relating to wealthy individual and institutions.

India has set up a multi-agency group of probe agencies to check if the over 700 entities named in the leaks paid due taxes and followed regulatory norms before setting up offshore businesses.

Headquartered in Paris, OECD is the world's largest network for international cooperation in the field of taxation and financial information exchange, bringing together 146 countries and jurisdictions, including the European Union.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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