FM Nirmala Sitharaman calls for information sharing on non-financial assets

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India on Thursday asked G20 countries to consider the feasibility of an automatic exchange of information regarding non-financial assets, beyond those covered by the common reporting standard, such as real estate and cryptos.

Speaking at the G20 Taxation Ministerial Symposium, Finance Minister Nirmala Sitharaman said India’s investigations revealed that tax evaders were shifting their unrecorded wealth by investing in non-financial assets.

“While the development of the crypto asset reporting framework is underway, I call on the G20 to consider the feasibility of an automatic exchange of information regarding other non-financial assets, beyond those covered by the CRS “, she said during the symposium held in Bali, Indonesia.

Currently, the automatic exchange of information framework provides for the sharing of financial account information. Sitharaman pointed out that while more than 100 countries have committed to exchange financial account information under the CRS, some jurisdictions have yet to join the framework.

She said more jurisdictions were needed for tax transparency and the fight against tax evasion. “It is up to the G20 to act as a catalyst in encouraging jurisdictions to be part of the automatic exchange of information and this mechanism, as it can strengthen global efforts against offshore tax avoidance and evasion.”

INCLUDING DEVELOPING NATIONS

The GF said the global tax system must support and empower developing countries in their resource mobilization efforts. “In implementing the two-pillar solution, we must guard against any unintended consequences that could negatively impact developing countries.” “I call on the G20 inclusive framework to support the active participation of all members, in finalizing the technical aspects of the two-pillar solution.

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