India signs multilateral tax pact to curb evasion & bring back black money

India has signed a multilateral tax agreement that will will reinforce the domestic authorities' capacity to combat tax avoidance/evasion and help bring back black money illegally stashed abroad.The Multilateral Convention on Mutual Administrative Assistance in tax matters is an instrument available to all countries for developing a broader multilateral approach to improve the effectiveness of exchange of information and facilitate co-operation between the countries in the assessment and collection of taxes. Pertinently, it provides for assistance to signatories in the recovery of taxes, a facility not available with bilateral tax treaties The pact was signed at the OECD headquarters in Paris by Sanjay Mishra, joint secretary, CBDT and Rintaro Tamakio, OECD deputy secretary-general. With the signing of the pact, India has joined the league of 31 other countries who are part of the convention. So far, the convention has been ratified by 12 countries

Source: Financial Express