May 14, 2017 1:50 PM

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India calls for enhanced international cooperation to address illicit cross-border financial flows

India has called for enhanced international cooperation to address illicit cross-border financial flows, tax evasion and hawala transactions. Participating in a workshop on International Taxation in New York, India's Permanent Representative to the UN, Ambassador Syed Akbaruddin stressed that the world's governance architecture for cooperation in taxation has not kept pace with globalisation. He said that tax revenue is the lifeblood of the State and with integration of economies in a globalised world, actions on taxation in one country affect practically everybody, within and across borders. <br/><br/>Voicing India's support for an open, transparent and multilateral platform for global norm-setting on taxation, Mr. Akbaruddin said the ongoing work under Organisation for Economic Co-operation and Development and G-20 should not mean that meaningful and complementary work on taxation cannot be done in the UN. He cited the example of the landmark reform of Goods and Service Tax undertaken by the Indian government. <br/><br/>Akbaruddin said while developing countries like India are taking measures to improve their domestic tax revenue base, globalisation demands a more participatory, transparent, accountable and democratic global governance structure on tax issues.<br/>''''<br/>

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