In a diplomacy news update, the Finance Minister Shri Arun Jaitely participated in the 49th Annual Commonwealth Finance Ministers Meeting at Lima, Peru yesterday.
In international taxation matters, Finance Minister Shri Arun Jaitley welcomed the efforts of OECD in areas of BEPS project and automatic exchange of information which have important implications for Commonwealth countries. He emphasized the need to ensure that the Common Reporting Standards on Automatic Exchange of Information are implemented globally on a fully reciprocal basis as this would be a key to prevent international tax evasion and avoidance. He noted that India has been the beneficiary of these systems by getting vital information on tax evasion and emphasized the need for genuine and equitable multilateralism in deciding global norms and standards on taxation.
The meeting of Commonwealth Finance Ministers also focused on issues relating to infrastructure financing, Small States Trade Financing Facility; etc.
The Finance Minister is on official tour from October 7 to 11, 2015 to Peru to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings.
IndianBureaucracy.com wishes Shri Jaitely the very best.