Global Forum to discuss tax info exchange,data safety tomorrow

As India and other countries enhance their cooperation to crack down on blackmoney menace, officials from 64 countries will meet here tomorrow to discuss confidentiality of data and other issues for a global automatic tax information exchange regime.
The group on Automatic Exchange of Information (AEOI) of the global forum on transparency and exchange of information for tax purposes, during its meeting here on December 3 and 4, will review issues related to "confidentiality and data safeguards" to be completed by 2016 for all the jurisdictions which have committed to the new standards, the Finance Ministry said in a release.

In the meeting, reports assessing confidentiality and data safeguards in 32 countries or jurisdictions, including India, will be discussed and considered for approval.
"The G20 countries have requested the Global Forum to take on the work of implementation of the new global standard on automatic exchange of information namely the Common Reporting Standard (CRS) on AEOI," it added.
The Global Forum established an AEOI group in consequence of the G20 Leaders' Declaration in September, 2013 with a view to establish a mechanism to monitor and review the implementation of the new global standard on automatic exchange of information.
India joined this group and has also been elected as a Vice-Chair.

The statement further said,"this specific review was found necessary since the consensus view was that AEOI requires large volume of data being exchanged at once and the consequences of a breach of confidentiality are more serious and thus the supplying country must have a sufficient level of confidence that the data is safe with the receiving country."
The meeting will be inaugurated by Minister of State for Finance Jayant Sinha tomorrow.
The last meeting of the AEOI Group was held at Barbados on October 26 and 27, 2015.