FM calls for closer global cooperation

Nations need to work closely to deal with challenges to economic governance arising from the digitalization of the economy, the emergence of new financial products, and evolving structures of beneficial ownership, finance minister Nirmala Sitharaman said on Tuesday.

- Gireesh Chandra Prasad

‘Transparency in tax matters has always extended beyond administrative reform for the country, touching upon a deeper principle that economic governance must rest on fairness and responsibility, she said in her keynote address at the Organization for Economic Cooperation and Development's (OECD) Global Forum in New Delhi.

She said when individuals and enterprises pay their fair share, and when evasion is effectively deterred, societies become stronger and more equitable. “That conviction has shaped our legislative and enforcement frameworks. Our laws against illicit financial flows and undisclosed foreign assets reflect this belief, as does, our participation in both the exchange of information on request and the automatic exchange of information standards.”