India to gain from G20 bank data sharing deal
22/09/2014 12:53
Finance chiefs and central bankers from the Group of 20 (G20) nations on Sunday struck a pact to allow sharing all bank data with tax authorities at the end of every year by 2017 or 2018, a move that will help India unearth black money. "We endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis which will provide a step-change in our ability to tackle and deter cross-border tax evasion," a communique of the G20 finance ministers and central bankers' meeting here said. "We will begin exchanging information automatically between each other and with other countries by 2017 or end-2018," the statement added. This global coordination initiative to allow automatic information exchange will help stem tax evasion and is widely in the interest of countries such as India which are battling the problem of black money. The newly elected NDA government recently established a special investigation team to probe illicit wealth stashed abroad. The G20 deal means that countries can extract bank details for future. At the same time, the agreement will also allow countries to extract account balance information of the past five to six years upon request, media reports said.
22/09/2014 12:53
Finance chiefs and central bankers from the Group of 20 (G20) nations on Sunday struck a pact to allow sharing all bank data with tax authorities at the end of every year by 2017 or 2018, a move that will help India unearth black money. "We endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis which will provide a step-change in our ability to tackle and deter cross-border tax evasion," a communique of the G20 finance ministers and central bankers' meeting here said. "We will begin exchanging information automatically between each other and with other countries by 2017 or end-2018," the statement added. This global coordination initiative to allow automatic information exchange will help stem tax evasion and is widely in the interest of countries such as India which are battling the problem of black money. The newly elected NDA government recently established a special investigation team to probe illicit wealth stashed abroad. The G20 deal means that countries can extract bank details for future. At the same time, the agreement will also allow countries to extract account balance information of the past five to six years upon request, media reports said.
