Finance Minister Nirmala Sitharaman today said that, with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system. Addressing the 18th Global Forum Plenary Meeting in New Delhi, the Minister said transparency in tax matters has always gone beyond administrative reforms for India.
Noting that voluntary compliance has strengthened in India over the last decade due to fairness and predictability in tax systems, Ms. Sitharaman asserted that India has been integrating exchanged information with broader analyses of compliance and risk. She also highlighted that it is important to view transparency not as compliance tool but also as a foundation for sustainable development and fiscal resilience.
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