September 23, 2015 2:09:17 am
INDIA IS likely to talk on the increased global efforts against tax avoidance and tax evasion at the United Nations later this month. Prime Minister Narendra Modi is scheduled to attend the UN Sustainable Development Summit as part of his second visit to the United States.
Sources said India is keen to take up the issue on a global platform — it has received much attention from the G-20 countries.
“While G-20 and OECD countries are already working on automatic exchange of information and stopping black money flow, at a time when development concerns are high, it is felt that the issue should now be taken up at a global forum so that all countries can work on it,” said a source familiar with the development, adding that this was one of the topics that India may take up at the UN.
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The issue of increasing efforts to reduce illicit financial flows by 2030 and combating tax evasion through national regulations and international cooperation had also featured at the UN’s third international conference for Financing for International Development at Addis Ababa in July this year.
“We will enhance disclosure practices and transparency in both source and destination countries, including by seeking to ensure transparency in all financial transactions between governments and companies to relevant tax authorities,” said the Addis Ababa Action Agenda, which was also adopted by the UN General Assembly.
At their meeting earlier this month, the G-20 finance ministers and central bankers had also welcomed the Addis Ababa Action Agenda. “We support the efforts made for strengthening non-G20 economies’ engagement in the international tax area and welcome the decisions taken under the Addis Ababa Action Agenda on international cooperation on tax matters,” they had said.
Among other issues, India is also expected to talk on higher investments in infrastructure as well as more funds for developing countries for climate change — both of which were part of the Addis Ababa Action Agenda.
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