India, US to collaborate on tackling offshore tax evasion

India and the US have agreed to enhance collaboration on tackling offshore tax evasion and increase cooperation in sharing of cross-border tax information.



As per the Union Finance Minister Arun Jaitley and U.S Treasury Secretary Mr Jacob J. Lew met for the Sixth Annual U.S.-India Economic and Financial Partnership (EFP) in Washington D.C. “We look forward to the competent authorities of the two countries engaging in bilateral dialogue to move forward in cooperation in these areas.”


Over the past year, our tax authorities resolved a significant portion of bilateral tax disputes between the United States and India. In addition, our governments have begun to accept bilateral Advance Pricing Agreement applications by companies in both jurisdictions in an effort to enhance cross-border business processes and strengthen our commercial ties. 

We have noted the progress in sharing of financial information between the two countries under the Inter-Governmental Agreement pursuant to Foreign Account Tax Compliance Act (FATCA). The two sides will continue to engage in discussions on full reciprocal arrangement on FATCA. We look forward to increased cooperation in sharing of cross-border tax-information,” 
Extra info:
1. Foreign Account Tax Compliance Act (FATCA) 
2. U.S Treasury Secretary Mr Jacob J. Lew
3. Economic and Financial Partnership (EFP)
So lets do:
1. Expand FATCA and EFP?
2. _____________ have agreed to enhance collaboration on tackling offshore tax evasion and increase cooperation in sharing of cross-border tax information.


Source – The Economic Times


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