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India, G20 vow to crack down on tax havens

Sat, Apr 16, 2016, 04:00 PM
India and G20 nations on Saturday vowed to crack down on tax havens using shell companies to launder black mnoney and evade taxes. They also decided to create a blacklist of uncooperative tax havens.

The G20 meeting here attended by Finance Minister Arun Jaitley supported a proposal to create a blacklist of global tax havens that are not co-operative on the international information sharing network.

The G20 communique backed a proposal to check tax evaders and entities indulging in money laundering through shell companes and their illegal activities.

The developent has taken place within days of the leaked Panama Papers revealing names of Indian illegal fortune 500 being helped by Panamnian firm Mossack Fonseca for creating offshore companies.

India and the US have agreed to enhance cooperation on tackling offshore tax evasion by information-sharing and joint audits. The two countries also decided to intensify efforts to combat money laundering and terror financing.

Jaitley, who will be visiting the US for a week, met US Treasury Secretary Jacob Lew on the second day of his trip at the sixth annual US-India Economic and Financial Partnership on Friday. They decided to raise engagement on tackling tax evasion.
Agency: Ap7am Desk

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