You are here: Home » Finance » News » Others
Business Standard

Time for Int'l community to build new tax regime embracing digitization: FM

The finance minister emphasised on the need for a closer collaboration between revenue agencies to investigate tax affairs of offenders who cross-borders for escaping tax investigation, a tweet said

Press Trust of India  |  New Delhi 

FM Nirmala Sitharaman speaks on Union Budget 2020 at the #BreakfastBriefing session organised by India Foundation in New Delhi. Photo: PTI
FM Nirmala Sitharaman speaks on Union Budget 2020 at the #BreakfastBriefing session organised by India Foundation in New Delhi. Photo: PTI

Minister on Sunday said the international community has a unique opportunity to design a new international tax system to handle the challenges of with a cost-efficient dispute prevention mechanism.

She called upon the countries to ensure that the consensus solution being developed by G20/inclusive framework for addressing tax challenges arising from is truly inclusive, according to tweets by the ministry.

The minister emphasised on the need for a closer collaboration between revenue agencies to investigate tax affairs of offenders who cross-borders for escaping tax investigation, a tweet said.

During the second day of the Finance Ministers and Central Bank Governors Meeting in Riyadh, Sitharaman highlighted the efforts undertaken by the Government of India to deepen the corporate bond market, such as removal of capital controls for identified categories of government securities (G-Secs) and increased Foreign Portfolio Investment (FPI) limit on the corporate bond market.

The said she looked forward to continued engagement with on this agenda.

According to the tweets, Sitharaman explained the steps being taken to reform the credit default swap market, changing the method of buying and selling bonds electronically through exchanges, and facilitating on-tap issuances for all, among others, for further enabling greater investments in India's bond market.

Speaking during the session on infrastructure investment, Sitharaman welcomed the efforts underway in G20 to develop infrastructure technology -- the InfraTech Agenda.

However, she also cautioned that G20 should refrain from developing any common prescriptive approach since various countries are at varied stages of adoption of technology in infrastructure, according to the tweets.

The minister highlighted successful Indian experience in the area of adoption of technology in infrastructure such as FASTags. She also pointed out the efforts being taken for installation of smart energy meters across India to reduce revenue leakages.

First Published: Sun, February 23 2020. 20:24 IST
RECOMMENDED FOR YOU