G20's global forum crucial in checking tax evasion

New Delhi, Feb 13: In the latest update on global forum of G20, Finance minister Pranab Mukherjee said that the G20's global forum was necessary to control tax evasion, adding that New Delhi was committed to it.

"The work of the global forum is very important for fighting tax evasion and that is why we have worked so hard to ensure that the peer review process can start quickly," Mukherjee said.

The statement by Mukherjee which was read out by revenue secretary Sunil Mitra was made during the meeting of the steering group of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The forum was asked by the G20 grouping to complete the peer review processes, including its adherence to international standards.

"The global forum"s peer reviews will indicate the extent to which jurisdictions have implemented the international standards on transparency and exchange of information for tax purposes," an official statement said.

Along with examining the progress of the achieving the mandate given to it by the G20, the steering group, responsible for guiding the work of the global forum, had taken into consideration the core documents required to launch the peer review process.

"India is strongly committed to the global forum"s work and I am confident that the needs of the developing countries will be taken into account by the forum," Mukherjee said.

Mukherjee reiterad the role of G20 in checking tax evasion.

"Tax plays a crucial role in helping developing countries mobilise their domestic resources and enforcing high standards of transparency and exchange of information internationally will be an important part of this strategy," he added.

OneIndia News