BRISBANE : Laying the strong pitch against black money Prime Minister Narendra Modi today asked the most power full leaders to take on the serious challenge as this is closely linked with security issues posing grave threat to the mankind. Addressing the G20 plenary Mr Modi called using every jurisdiction to abolish the tax heavens where ever they exist across the globe.
“I urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations,”the Prime Minister said, adding that the, “need for policy coordination among major economies remains strong.”
The G20 session which the Prime Minister addressed was focused on ‘Delivering Global Economic Resilience’. “Close coordination is important not just for also addressing the challenge of black money , but also security issues like terrorism, drug trafficking, arms smuggling,”the Prime Minister said.
“I support all initiatives to facilitate exchange of information an mutual assistance in tax policy and administration,’ he said.
Mr Modi expressed his resolved to bring back black money stashed in foreign banks.
“We support new global standard on automatic exchange of information as it would be instrumental in getting information at unaccounted money hoarded abroad and enable it’s eventual repatriation,”he said.
Mr Modi accepted the fact that there may be different priorities of each nation but the coordinated action against unaccounted money would proved to be beneficial in long run. “Although we each have our domestic priorities, coordinated decisions may help us all in the long run,”he said.
The Prime Minister also hoped that ‘Base Erosion and Profit Shifting’ (BEPS) system would fully address concerns of developing and developed economies. Mr Modi said that increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting.
“Resilience of our financial system will also depend on cyber security,”he suggested.
(AGENCIES)
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