Jaitley bats for automatic info exchange to tackle black money

Emphasises need for genuine and equitable multilateralism in deciding global norms and standards on taxation

Finance Minister Arun Jaitley emphasised the need to ensure that the Common Reporting Standard on Automatic Exchange of Information is implemented globally on a fully reciprocal basis as this would be key to prevent international tax evasion and avoidance.

Addressing the Annual Commonwealth Finance Ministers Meeting at Lima, Peru, he noted that India has been the beneficiary of these systems by getting vital information on tax evasion, and emphasised the need for genuine and equitable multilateralism in deciding global norms and standards on taxation.

The Central Board of Direct Taxes Chairperson Anita Kapur said, "In India, when the tax administration used to say 'please pay your taxes because you have added value in India,' we were a minority voice."

But, with the base erosion and profit shifting project, the administration's concerns have been heard and it's no longer the minority voice.