G-20 nations endorse action plan for transparent global tax regime to curb artificial profit-shifting

Finance Ministers of the G-20 countries, including India, have endorsed the final detailed action plan for putting in place a coherent and transparent global tax regime to curb artificial profit-shifting ways.

Once implemented, the steps would bolster India's efforts to prevent tax evasion and illegal fund flows.

Finance Minister Arun Jaitley also attended the G-20 Finance Ministers meeting at Lima in Peru. The meet approved the final package of measures for a comprehensive, coherent and co-ordinated reform of the international tax rules.

The Paris-based think-tank OECD said at the meeting, chaired by Turkish Deputy Prime Minister Cevdet Yilmaz, that the G-20 Finance Ministers expressed strong support for the Base Erosion and Profit Shifting Project.