Expedite tax information exchange between countries: PranabMay 4th, 2011 - 6:38 pm ICT by IANS
Hanoi, May 4 (IANS) Finance Minister Pranab Mukherjee Wednesday said countries need to expedite the process of signing agreements that will allow them to swap information on tax defaulters.
To avoid tax in their respective countries, people park their undeclared funds in jurisdictions where regulations are lax and which provide facilities to conceal such assets.
Such countries or jurisdictions, have in the past cited banking or privacy laws to avoid sharing data on tax defaulters with other nations.
“G20 has declared that tackling non-cooperative jurisdictions will also be one of its priorities. There is an urgent need to make much more progress on exchange of tax information,” Mukherjee said at a luncheon meeting on G-20 issues at the annual general meeting of the Asian Development Bank here.
India has already signed tax information exchange agreements with the Bahamas, Bermuda, the British Virgin Islands and the Isle of Man.
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- India, Bahamas ink deal to share tax information - Feb 12, 2011
- Supreme Court to hear black money issue - Feb 10, 2011
- India asks tax havens to share past banking information - Jun 13, 2011
- India, British Virgin Islands to share tax information - Feb 10, 2011
- Indian tax board to open eight overseas offices - May 17, 2011
- India, Bermuda ink pact on exchanging info on tax avoidance - Oct 07, 2010
- India signs pact with Bermuda on exchange of tax information - Oct 07, 2010
- Steps taken by India to tackle black money - Jan 25, 2011
- Pranab seeks France's help in tracing black money - Oct 14, 2011
- Our effort to tackle black money relentless: Mukher - Jul 27, 2011
- Black money to top agenda of IT chiefs' conference - Jun 03, 2010
- We at G20 must tackle tax evasion: Manmohan - Nov 03, 2011
- India to join new convention to fight black money - Nov 04, 2011
- India, Philippines to sign tax treaty soon: Mukherjee - Oct 17, 2011
Tags: annual general meeting, asian development bank, assets, bahamas, bermuda, british virgin islands, exchange agreements, hanoi, India, information exchange, isle of man, jurisdictions, luncheon meeting, pranab mukherjee, priorities, privacy laws, tax defaulters, tax information