UK, India To Partner On Tackling Tax Evasion
The UK and India are determined to lead international efforts to tackle tax evasion, according to a joint press statement issued by UK Chancellor George Osborne and India’s new Finance Minister Arun Jaitley.
On July 8, 2014, the two governments met in New Delhi at the seventh round of the UK-India Economic and Financial Dialogue (EFD), where they vowed to automatically exchange tax information from 2017, and also expand such cooperation with other jurisdictions. Both countries called on the other Group of Twenty (G-20) countries and international financial centers to match their commitments to the early adoption of the global standard for automatic exchange of tax information.
Both countries reiterated their commitment to the Organization for Economic Cooperation and Development’s (OECD) base erosion and profit shifting (BEPS) project, stating: “We will continue to work together through the G20 and OECD to reform international tax rules to ensure that they are fair and consistent.”
The July 8 dialogue involved senior representatives from the two nation’s finance ministries and central banks, who discussed ways to strengthen mutual cooperation and boost trade and investment. The next ministerial level meeting of the UK-India EFD will be held in 2015 in London.
