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इंडियन आवाज़     17 Apr 2024 01:28:46      انڈین آواز

Evasion of taxes, Parking assets outside major concern for economy: Jaitely

(Last Updated On: 02/11/2015)

TIA Correspondent

Finance minister Arun Jaitley today said that evasion of taxes, parking assets outside was a major concern for economy. Speaking at a conference on Networking the Networks in New Delhi today, Mr Jaitley said no organization would benefit from illicit financial flow in any form.

He said profiteering from illicit financial flow is a criminal offence. The minister said the government was trying to make laws simpler but when global money was involved it becomes complicated.

On the occasion India’s Revenue Secretary Hasmukh Adhia  said the government was planning to set up South Asian Regional Intelligence Coordination center to curb the illicit financial flow.

“Once it is operational, it will allow South Asian countries to connect with other cou
ntries”, said Mr Adhia while speaking at a conference Networking the Networks in New Delhi today ,

This platform would initially comprise the founding members Bangladesh, Bhutan, Myanmar, Maldives, Nepal and Sri Lanka besides India, and later on would be open to inclusion of other countries/ international organization as decided by the founding members, based on shared concerns. He informed that seven countries will collectively set up this centre including India. He said the road map for phasing out corporate tax exemption will be rolled out by December.

The three day conference will discuss scope for regional cooperation to effectively deal with illicit financial flows, mainly from tax frauds and human trafficking. The conference will try to identify best practices of existing international organisations for cooperation on illicit financial flows.

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