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India Inc needs to be more transparent and credible: FM
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SME Times News Bureau | 05 Apr, 2016
As "Panama Papers" expose the world's most prominent people engaging in
murky deals, Finance Minister Arun Jaitley on Monday told the Indian
industry to become more "transparent and credible" in its functioning.
"With
the G20 (countries' new global transparency standard) and FATCA (the
US' Foreign Account Tax Compliance Act) coming into place, the world is
going to be a far more transparent place," Jaitley said, inaugurating
the annual session in New Delhi of the Confederation of Indian Industry (CII).
"The world is becoming one where adventurism, like in the past, is going to be increasingly a risky proposition," he added.
"Panama
Papers" refer to a new investigation published on Sunday by the
International Consortium of Investigative Journalists (ICIJ) and more
than 100 other news organisations, revealing the offshore links of some
of the planet's most prominent people, including many from India.
"In
terms of size, the Panama Papers is likely the biggest leak of inside
information in history -- more than 11.5 million documents -- and it is
equally likely to be one of the most explosive in the nature of its
revelations," the consortium said.
The files contain new details
about major scandals ranging from England's infamous gold heist, an
unfolding political money laundering affair in Brazil and bribery
allegations convulsing FIFA, the body that governs world soccer.
Last
year, India signed the Convention on Mutual Administrative Assistance
in Tax Matters under the Common Reporting Standard multilateral
agreement to automatically exchange financial information.
At the
G20 nations' Australia summit in 2014, leaders endorsed a new global
transparency standard by which more than 90 jurisdictions would begin
automatic exchange of tax information, using a common reporting standard
by 2017-18.
The deal will allow the countries to extract bank
details for future and also make available account balance information
of the past five to six years upon request.
Indian officials have
said the tax department is now more actively pursuing penalties and
prosecutions with better access to information allowed by FATCA and the
taxation agreements with 96 countries.
FATCA is a US federal law
whose intent is to enforce the requirement for U.S. persons (including
those living outside the U.S.) to file yearly reports on their non-US
financial accounts to the Financial Crimes Enforcement Network (FINCEN).
Reminding
the audience about the compliance window he had opened last year for
Indians to declare their illegal assets abroad, which he said had "been
availed by many, while some also did not," Jaitley urged Indian industry
to move towards greater transparency.
"Industry is fighting a major battle for its credibility and some recent events have added to that," he said.
"The
essence of industry has to be transparency and credibility... The
approach of industry leaders has to be positive and credible," he added.
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