India for equal say among nations on global tax norms

India today expressed disappointment over the progress of global discussions on key taxation issues and suggested that all countries should have a say in formulation of international norms and standards.
"Greater information exchange is good, but not a substitute for genuine and equitable multilateralism in deciding global norms and standards on taxation.
"If this is truly an universal agenda, then all of us must have an equal seat at the table to legislate on global issues," Minister of State for Finance Jayant Sinha said while speaking at the Third International Conference on Financing and Development.
Stressing that in today's interconnected world, tax policy is a global public good having ramifications far beyond the national borders, the Minister said it was disappointing that the spirit of multilateralism and universality did not go far enough when it came to global discussions on key issues like taxation.

"The lack of an ambitious decision on upgrading the UN committee of experts on international cooperation on tax matters into an inter-governmental body, in our view, is a historic missed opportunity," Sinha said.
He suggested that international financial systems should be made more democratic, representative and more responsive to cater to the needs and interests of developing countries.

"Policy coherence must mean that our actions must be balanced across the economic, social and environmental dimensions, not exclusively focused on one of them.
"Policy coherence also has a geo-spatial dimension, whereby developing countries must have the requisite policy to pursue their development objectives even as developed countries take the visible lead in addressing climate change and environmental concerns," Sinha said.

He also underlined the need for urgently scaling up the delivery of aid from developed countries to where it is most needed with a special attention of least developed nations.
Sinha further said that although India faces many challenges, its development model -- a combination of liberal democracy and open market economy -- will be a beacon of hope for other poor countries.
The Minister said that as part of the financial inclusion programme, 16 crore new bank accounts were opened under the Jan Dhan Yojana within a year.
The development vision endorsed by the international community under the Sustainable Development Goals (SDGs), the Minister said, "It remarkable similar to the one articulated by the Indian government under Prime Minister Narendra Modi".