The G20 today backed Prime Minister Narendra Modi’s pitch for repatriation of black money, urging for more transparency and disclosure of tax information from tax heaven countries.
“I urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations,” the PM had said.
Announcing India’s support to new international regulation on automatic exchange of tax information, Modi requested all countries to provide information on unaccounted money for tax purposes following treaty obligations.
On the new global standard, Modi said, it will be “instrumental in getting information relating to unaccounted money hoarded abroad and enable its eventual repatriation”.
Several countries including Brazil and South Africa supported Modi’s pitch and asked a reference to be made to transparency in the final communiqué.
“After the prime minister’s own and strong intervention (on repatriation of black money), several countries shared his sentiments and wanted the views to be reflected in the final communique,” Spokesperson of Ministry of Externam Affairs, Syed Akbaruddin told reporters.
“This (the reference to transparency) was introduced at the behest of India and has been included in the final draft,” Syed Akbaruddin said.
Also the G20 Summit welcomed the India stand on the WTO and India-US understanding on this important trade deal.
”G20 Summit Communique welcomes India-US understanding related to WTO on Trade facilitation with provisions on food security,” tweeted Syed Akbaruddin.
(Input from PTI)
Tags: black money G20 india Narendra Modi WTO
