India, US to collaborate on tackling offshore tax evasion

Posted on:15 Apr 2016 14:23:27

India, US to collaborate on tackling offshore tax evasion
15 April 2016 Current Affairs: India and United States (US) have agreed to enhance collaboration on tackling offshore tax evasion and increase co-operation in sharing of cross-border tax information. Decision in this regard was taken at the 6th US-India Economic and Financial Partnership meeting held in Washington on the sidelines of the annual Spring Meeting of the IMF and the World Bank. It was co-chaired by the Union Finance Minister Arun Jaitley and US Treasury Secretary Jacob and a joint statement was issued.

Features of Mou : Both countries agreed to look forward to the Competent Authorities each other engaged in bilateral dialogue to move forward cooperation in the areas of cross-border taxation. They looked into the progress in sharing of financial information between them under the Inter-Governmental Agreement pursuant to Foreign Account Tax Compliance Act (FATCA). Acknowledged enhanced co-operation in tackling money laundering and combating financing of terrorism through increased information sharing and cooperation. Agreed upon the importance of fighting illicit finance in all forms as an important means of tackling global terrorism. US will support India’s endeavour to find ways to fund its massive drive for building modern infrastructure and to create more jobs. India has expressed concern over the hike in visa fee by the US, saying it is discriminatory and largely affects Indian IT professionals.

 


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