Posted on 19 July 2022
India’s Minister of Finance, Nirmala Sitharaman has urged G20 leaders to put in place a framework for automatic exchange of information on non-financial assets to check tax evasion and to ensure that the proposed global framework on digital economy taxation protects developing country interests.
She said that while over 100 countries have committed to exchanging financial account information under the common reporting standards, there are some jurisdictions which are yet to commence exchange of information under this framework. This system, she said, can strengthen the global effort against offshore tax evasion and avoidance.