Tax avoidance issues stemming from the Panama Papers leaks is likely to dominate the discussions at the G20 Leaders’ Summit scheduled in September in China, said Tomasz Kozlowski, Ambassador of European Union (EU) in India on Wednesday. Kozlowski said the EU is currently analysing the implications of the Panama Papers leaks.
“This issue will surely be raised at the G20 summit. We need to strengthen international co-operation for exchange of tax information between tax authorities from different countries. This investigation pertains to just one country and one particular law firm. How many such law firms you have all around the world,” said Kozlowski.
The Indian Express last week revealed the names of over 500 Indians with links to offshore firms. The tax department has already issued notices to at least 50 individuals whose name figure in the Panama leaks.
The government has also set up a Multi-Agency Group to probe the Indian names and entities mentioned in the leaks and a preliminary report has been sought this week by the ministry, which is expected to forward it to the Prime Minister’s Office (PMO).
Kozlowski who is visiting Mumbai said EU and India have re-engaged in talks to further the stalled broad based bilateral trade and investment agreement negotiations between the two countries.
“According to the European businesses assessment, the business environment (in India) is becoming better and we hope that this process will continue. The EU is keen to have a comprehensive and ambitious free trade agreement with India,” said Kozlowski.