India, US to collaborate on tackling offshore tax evasion
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.
- 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.