India Calls on G20 to Bring Crypto Within Global 'Automatic Exchange of Information' Framework
India’s finance minister, Nirmala Sitharaman has expressed on the G20 countries to bring crypto within the Automatic Exchange of Information framework.
More than 100 countries have adopted the common reporting standard under the framework.
She describes cryptocurrency during the G20 Ministerial Symposium on tax and development in Bali, Indonesia on Friday.
Tax transparency is an area where considerable progress has been made with the Automatic Exchange of information in respect of financial accounts also talked about Our investigation have shown that numerous layers of entities are often set up by tax evaders to conceal their unaccounted assets.
Nirmala Sitharaman added that the Automatic Exchange of information framework provides financial account information to different jurisdictions. tax evaders are smart. explore other avenues to transfer their unaccounted wealth through investment in non-financial assets. Emphasizing that this area is a point of action for the G20.
"While the development of the crypto asset reporting framework is underway, I call upon the G20 to examine the feasibility of an Automatic Exchange of Information in respect of other non-financial assets beyond those covered under the CRS like immovable properties as well."
The AEOI aims to reduce global tax evasion the CRS is an information standard for the AEOL it was developed in response to a G20 request and approved by the Organisation for Economic Co-operation and Development council in July 2014.
The OECD described: The CRS calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
Furthermore, Nirmala Sitaraman said over 100+ Countries have committed to the CRS to exchanging financial account information under the Common Reporting Standard.
She pointed out that some jurisdictions have yet to commence exchange of information under this framework they will have to be brought in Therein lies one work agenda for G20 Sitharaman stressed she opined:
I would think it is for the G20 to play the role of a catalyst in encouraging these jurisdictions to become part of the Automatic Exchange of Information and this mechanism because it can strengthen global efforts against offshore tax evasion and avoidance.