| India, others need to wait till 2017 for Automatic Tax | | | Agencies
New Delhi, May 11: As they continue their efforts to clamp down on the menace of black money, India and other countries will have to wait at least till 2017 before the new global standard for automatic exchange of tax information comes into effect. India, Switzerland and 45 other nations had agreed upon automatic exchange of tax information, which is seen as a major step forward in global efforts against banking secrecy practices. Paris-based Organisation for Economic Cooperation and Development (OECD) sets the global tax standards and frames conventions against tax frauds, among others. With respect to automatic exchange of tax information, he said things are at early stages in terms of developing the standard as well as "getting the commitments". |
|
