Sunday, November 16, 2014

Modi wins G20 statement on tax dodgers

Indian Prime Minister Narendra Modi has gained an important victory at the just-finished G20 meeting in Brisbane, Australia, winning an assurance from the summit of a formula for the exchange of tax information between countries.  

Modi made the repatriation of what he described as ‘black money’ his priority for the meeting of world leaders, saying that fast developing technologies for moving capital around the world had outstripped the ability of authorities to keep track of it.

As a result, super rich enterprises and individuals were getting out of their responsibilities to pay a fair share of tax, the Indian PM said.

He especially wants action against countries which set themselves up as tax havens at a time when multinational companies are increasingly seeking them out.

The G20’s final communique gave him what he wanted — promising that moves already under way with the OECD to reform international tax rules would be completed by next year.

Modi’s comments come in the wake of reports that India’s economy is now expanding at its fastest pace in more than two years as manufacturing begins to recover from its longest slump in more than a quarter of a century.  

Modi, the first Indian Prime Minister to visit Australia in 28 years, is staying on for a two-day State visit, the highlight of which will be an address to the Parliament in Canberra tomorrow

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