Revenue Secretary Arvind Shrivastava on Tuesday said that countries must adapt to new challenges, including digital economy taxation and crypto asset reporting framework, which will need both technical innovation and coordinated action.
Addressing the 18th Plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in New Delhi, Shrivastava said countries must continue to deepen beneficial ownership transparency, ensure strong data confidentiality systems and make sure that information shared under international standards is used effectively.
OECD’s stance
Meanwhile, the OECD has stated that an increasing number of jurisdictions have committed to begin sharing information under the new crypto-asset reporting framework, with most of these aiming to start sharing exchanges from 2027. This is an important step towards improved transparency and exchanges of information for tax purposes. The OECD, however, maintained that the implementation of the crypto framework is still in its early stage. As many as 75 jurisdictions have thus far committed to implementing the new Crypto-Asset Reporting Framework, the OECD said.
Shrivastava on the importance of transparency
The revenue secretary also said the work of the Global Forum continues to evolve and India stands ready to contribute constructively to its next phase, “one where transparency leads not just to enforcement, but also to greater compliance, investor confidence and sustainable development”.
Talking on the domestic front, Shrivastava said India has been successfully implementing automatic exchange of information standards since 2017 which has enhanced its ability to detect risks, encouraged voluntary disclosures and improved compliance.
Besides, investment in secure IT systems, data analytics and coordinated enforcement mechanisms have ensured responsible use of information shared under international frameworks, Shrivastava added.