Tax evasion, money laundering will become extremely difficult, says Jaitley
The finance minister said the G20 and various international agencies have stepped in to address the issues.
Finance minister Arun Jaitley said on Monday that tax evasion and money laundering will get increasingly difficult in India in the next two years, with a real-time global automatic exchange of information system coming into effect. He said that the G20 and various international agencies have also stepped in to address the issues, reported the Press Trust of India.
In his inaugural speech at an international conference on "Networking the Networks", Jaitley said, "The world is increasingly moving towards a situation where you can't shift the profits that you earn in one jurisdiction and erode the capital base of that jurisdiction itself."
World leaders had advocated for a new global transparency standard at the last G20 summit in Australia last November. More than 90 jurisdictions will begin an automatic exchange of tax information using a common reporting standard by 2017-18. India is poised to be one of the early adopters of the new standard.