NEW DELHI: Non-disclosure of foreign assets can be risky for the taxpayers, said Minister of State for Finance Jayant Sinha.
Sinha, who was speaking at the sixth meeting of Automatic Exchange of Information (AEOI) Group, pointed out that the income-tax returns already stipulate that the taxpayers need to disclose details of their foreign assets.
“Strict and efficient framework for effective automatic exchange of information among countries is being worked upon and put in place and this would be operational from 2017,” he added.
Sinha said that India was committed to the Common Reporting Standards (CRS) in compliance with the other nations for exchange of information.
The three main issues to be discussed in the AEOI group meeting would include confidentiality provisions that are well understood by all; common reporting standards so that information is exchanged seamlessly and compliance, implementation and follow-up of the information received under Automatic Exchange of Information.
The representatives from over 100 countries will during the two-day meeting discuss how to implement new global standards on automatic exchange of information.