G20 endorses Modi’s pitch for repatriation of black money
Prime Minister Tony Abbott welcomes Prime Minister Mr. Modi
G20 on Sunday 16th of November endorsed Prime Minister Narendra Modi’s strong pitch for repatriation of black money at its summit in Brisbane, echoing the government’s line on the need for transparency and disclosure of tax information.
Modi with BRICS nations leaders
Modi had set the agenda by meeting BRICS leaders earlier and raising the black money issue at an informal meeting of leaders of the five-nation BRICS bloc, Modi set the tone on this key issue ahead of the G20 summit in the wake of his commitment to bring back every penny of black money stashed abroad.
“Repatriation of black money kept abroad is a key priority for us,” Modi told the BRICS leaders.
Besides Modi, Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Jacob Zuma and Brazilian President Dilma Rousseff, were the other leaders who took part in the informal interaction.
At the G20 Summit, Modi while voicing India’s support for a new global standard on automatic exchange of tax information, urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.
The new global standard will be instrumental in getting information relating to unaccounted money hoarded abroad and enable its eventual repatriation, Modi said, utilizing the forum of G20, which accounts for 85 per cent of world’s GDP.
The prime minister while flagging his concern over cross border tax avoidance and evasion also noted that increased mobility of capital and technology have created new opportunities for avoiding tax and profit sharing.
The three-page communique was released at the end of the two-day summit of Group of 20 industrialized and leading emerging economies hosted by Australia.
Welcoming the “significant progress” on the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan to modernize international tax rules, it said, “We are committed to finalizing this work in 2015, including transparency of tax- payer specific rulings found to constitute harmful tax practices.”
Modi talking to President Obama and President Putin
Briefing newsmen, Railways Minister Suresh Prabhu and external affairs ministry spokesperson Syed Akbaruddin said the reference to transparency, which was not there in the draft communique, was incorporated in the final communique after Prime Minister’s strong intervention at today’s plenary session.
Below: Delegates and guests crowding to shake hands with Modi at the G20 Summit
Bottom: Dancers at the City Hall, Brisbane
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