Stronger data safeguards, effective use of shared info: Revenue secy

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Revenue Secretary Arvind Shrivastava on Tuesday said countries need to work towards ensuring strong data confidentiality systems and also make sure that information shared under international standards is used effectively.

He said jurisdictions globally must also adapt to new challenges, including digital economy taxation and crypto asset reporting frameworks, which will need both technical innovation and coordinated action.

"Looking ahead we must continue to deepen beneficial ownership transparency, ensure strong data confidentiality systems and make sure that information shared under international standards is used effectively," the secretary said addressing the 18th Global Forum Plenary meeting here.

Shrivastava said over the years, the Global Forum has enabled a transformation in the global tax landscape from banking secrecy and limited cooperation to transparency and information exchange.

"The work of the Global Forum continues to evolve and India stands ready to contribute constructively to its next phase, one where transparency leads not just to enforcement, but also to greater compliance, investor confidence and sustainable development," he said.

Talking about India, the Revenue Secretary said the country has been successfully implementing automatic exchange of information standards since 2017 which has enhanced its ability to detect risks, encouraged voluntary disclosures and improved compliance.

Besides, investment in secure IT systems, data analytics and coordinated enforcement mechanisms have ensured responsible use of information shared under international frameworks, Shrivastava added.

The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange.