India, it added, will soon come out with a "toolbox of counter measures" to deal with non-cooperative jurisdictions -- nations which do not share tax related information.
Concerned over reluctance of some countries to share tax related information, India will seek a multilateral platform for automatic exchange of such details at the G-20 meeting of finance ministers.
"Overcoming tax evasion requires close co-ordination between all countries on a multilateral basis. There is need to develop an effective multilateral platform for automatic, spontaneous and requested exchange of information," said an official release issued ahead of G-20 ministerial meet on February 18.
India will be represented by finance minister Pranab Mukherjee, who will leave for Paris tomorrow.
India, it added, will soon come out with a "toolbox of counter measures" to deal with non-cooperative jurisdictions -- nations which do not share tax related information. G-20 leaders had earlier asked each country to develop a set of counter measures against such non-cooperative jurisdictions.
Pointing out that some countries are still to conclude Tax Information Exchange Agreements (TIEA), it said, the G-20 should consider classifying such nations as "non-cooperative jurisdictions."
India has already signed TIEA with four countries -- Bahamas, British Virgin Islands, Isle of Man and Bermuda --- for exchange of information to check tax evasion and money laundering.
Although the G-20 leaders at Seoul summit last year urged all the countries to conclude TIEA, it said, "some countries are still not responding to the call of other countries to enter into TIEA and continue to insist on entering into Double Taxation Avoidance Agreement (DTAA) instead.
"The need to consider classifying such jurisdictions as non-cooperative jurisdictions may also be discussed", it added.
The government here has been facing flak from Opposition for not being able to bring back black money stashed in tax havens and also naming persons involved in such transactions.
Regretting that some countries distinguish between 'tax fraud' and 'tax evasion', the release said, it helps in deliberate concealment of wealth for the purpose of tax evasion.
"...therefore there is need to encourage countries to remove this distinction in order to help efforts of government authorities in pursuing tax cheats who have parked funds outside the country", it added.
Besides, India will also seek greater representation on standard setting bodies such as the IASB (International Accounting Standards Board) which is presently dominated by only some accounting organisations.
India has already set up a group of ministers under the chairmanship of Mukherjee to suggest measures to deal with the menace of corruption and black money generation.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}