Tax administration plays a crucial role in a nation’s economic development and stability. Recognizing the importance of collaboration in this domain, Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched a significant program in Saint Lucia on 14th December 2023.
India, known for its expertise in tax matters, has been chosen as the Partner Administration, demonstrating its commitment to fostering international cooperation in tax administration.
Program Duration and Objectives
- The TIWB program in Saint Lucia is set to span 12-18 months, during which India, in collaboration with the TIWB Secretariat and the support of the UNDP Country Office, Barbados and the Eastern Caribbean, aims to empower Saint Lucia in enhancing its tax administration.
- The primary focus of the program is to facilitate the transfer of technical knowledge and skills to strengthen the tax administration of Saint Lucia.
- The collaborative effort will also involve the sharing of best practices, emphasizing the effective use of automatic exchange of information under the Common Reporting Standard (CRS) framework.
Key Participants at the Launch
- The launch of this pivotal program witnessed the virtual presence of key figures in the tax and finance sectors.
- Smt. Pragya Sahay Saksena, Member (Legislation) of the Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India, played a prominent role in the launch through video conferencing.
Program Focus: CRS Framework and Best Practices
- The TIWB program in Saint Lucia aims to address key challenges in tax administration, with a specific emphasis on the effective use of the automatic exchange of information under the Common Reporting Standard (CRS) framework.
- The CRS, developed by the OECD, facilitates the exchange of financial account information among participating jurisdictions, enhancing transparency and combating tax evasion.
- Moreover, the program seeks to instill best practices in tax administration, drawing on India’s rich experience in this domain.
- By leveraging India’s expertise, Saint Lucia stands to benefit significantly in terms of streamlined processes, improved compliance, and a more robust tax infrastructure.
India’s Ongoing Support: Seventh TIWB Program
- The program in Saint Lucia marks the seventh instance where India has supported TIWB initiatives by providing Tax Experts.
- This ongoing commitment underscores India’s dedication to fostering international collaboration and sharing its knowledge to strengthen global tax systems.
Global Impact: Strengthening Tax Administrations Through TIWB Collaboration
- The launch of the TIWB program in Saint Lucia signifies a significant step towards building stronger and more effective tax administrations globally.
- As India takes the lead in supporting this initiative, the collaborative efforts of nations under the TIWB umbrella promise a brighter future for international tax cooperation, ultimately contributing to the economic development and financial stability of nations around the world.
Important Questions Related to Exams
Q: What is TIWB, and who are the collaborators in the program launched in Saint Lucia?
A: TIWB stands for Tax Inspectors Without Borders, and the program in Saint Lucia is launched in partnership with India.
Q: What is the primary focus of the TIWB program in Saint Lucia?
A: The primary focus is to strengthen tax administration through the transfer of technical knowledge, skills, and sharing of best practices.
Q: How many TIWB programs has India supported, including the one in Saint Lucia?
A: The program in Saint Lucia marks the seventh TIWB program that India has supported.