Finance Minister Shri Arun Jaitley has emphasized the need for common reporting standards on Automatic Exchange of Information to be implemented globally to prevent international tax evasion and avoidance.

 Intervening in the 49th Annual Commonwealth Finance Ministers Meeting in Lima, Peru yesterday he welcomed the efforts of OECD in the Action Plan on Base Erosion and Profit Shifting (BEPS) Project and Automatic Exchange of Information which have important implications for commonwealth countries. He emphasized the need to ensure that the Common Reporting Standards on Automatic Exchange of Information are implemented globally on a fully reciprocal basis as this would be a key to prevent international tax evasion and avoidance. He noted that India has been the beneficiary of these two systems by getting vital information on tax evasion.

 The meeting of the Commonwealth Finance Ministers also focused on issues relating to Infrastructure Financing and Small States’ Trade Financing Facilities. The Finance Minister is on tour to Peru to attend the annual meetings of the IMF and the World Bank and other associated meetings

Automatic Exchange of Information should be implemented on a fully reciprocal basis to curb international tax evasion. Emphasis on global implementation of Automatic Exchange of Information via a standardized Common Reporting Standard on a fully reciprocal basis to prevent international tax evasion and avoidance; endorsement of OECD work on the Action Plan for Base Erosion and Profit Shifting and acknowledgment that exchanged information has provided vital intelligence to tax authorities.