FM CALLS FOR GLOBAL COOPERATION TO ADDRESS NEW TAX CHALLENGES

Union Finance Minister Nirmala Sitharaman on Tuesday said the global economy is facing new and complex challenges arising from the digitalisation of economic activity and the emergence of new financial products, and stressed that these issues require joint action by all jurisdictions.

- TBG NETWORK

Addressing the 18th Global Forum Plenary Meeting in Delhi, the Finance Minister said that “there are new challenges that call for joint action,” pointing specifically to the digitalisation of the economy, the emergence of new financial products and the evolving structures of beneficial ownership. She said, “There are new challenges that call for joint action, the digitalization of the economy, the emergence of new financial products and evolving structures of beneficial ownership, require continued cooperation between jurisdictions”.

Sitharaman emphasised that confidentiality and cybersecurity must be maintained with great care as countries work together to improve information sharing. She said these are not challenges that any one country can address alone, adding that they demand coordination, trust and a timely exchange of relevant information.