New Delhi In a bid to curb tax avoidance and evasion, India has joined a multilateral forum. The move will boost the governments efforts to bring back money illegally stashed abroad. The convention until 2010 was available only for European nations and OECD members.
The convention named alt39 Mutual Administrative Assistance on Tax Mattersalt39 provides for examination of tax affairs of the taxpayers simultaneously in their own territory and share the relevant information with each other, according to an official release.
The Mutual Administrative Assistance on Tax Matters is based on international standard of transparency and exchange of information and not only facilitates the exchange of information, but also provides for assistance in the recovery of taxes, the release said.
” This will give a fillip to the efforts of the Government in bringing the Indian money illegally stashed abroad,” the statement said.