New Delhi, Nov 2 India’s Finance Minister Arun Jaitley on Monday said tax evasion and money laundering will become “extremely difficult” in the next 1-2 years, with real-time global automatic exchange of information system coming into effect.
In his inaugural speech at international conference on ‘Networking the Networks’, he said tax evasion and parking of illegal money anywhere in the world is increasingly becoming difficult as G20 has taken an initiative and various international agencies have now stepped in.
At the G20 nations’ Australia summit last November, leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.
India is one of the early adopters of the automatic exchange of information standard.
He also said the Regional Centre for South Asia is going to be discussed in the meeting in order to strengthen international cooperation with regard to money laundering and tax evasion.
