Global forum on tax information exchange meets from Thursday

The two-day meeting of the Group on Automatic Exchange of Information (AEOI) of the Global Forum on Transparency and Exchange of Information for Tax Purposes will be held here from Thursday, an official statement said.

Minister of State for Finance Jayant Sinha will inaugurate the sixth edition of the event.

The AEOI Group was set up following the G20 leaders' declaration in September, 2013 to establish a mechanism to monitor and review the implementation of the new global standard on automatic exchange of information to tackle the menace of black money.

The forum has been tasked the work of implementing the new global standard on automatic exchange of information under the Common Reporting Standards (CRS).

India is part of the Group and has also been elected as a vice-chair.

One of the key areas on which specific reviews will be carried out relate to "confidentiality and data safeguards" to be completed by 2016 for all the jurisdictions which have committed to the new standards, India's finance ministry said in a statement.

In the New Delhi meeting, reports assessing confidentiality and data safeguards in 32 countries and jurisdictions will be discussed and considered for approval, it said.

The AEOI Group will also further discuss the process of monitoring and implementation of the Common Reporting Standards, it added.