G-20 News

Automatic exchange of information should also cover assets like crypto: FM at G20

At the G20 Tax and Development Ministerial Symposium in Bali, Sitharaman said investigations have shown that many layers of entities are often set up by tax evaders to hide their unrecorded assets, even though the framework automatic exchange of information provides financial account information to various jurisdictions. .

Tax evaders, being smart, are exploring other avenues to shift their unaccounted-for wealth by investing in non-financial assets, she noted.

“As the development of the crypto asset reporting framework is underway, I call on the G20 to consider the feasibility of an automatic exchange of information regarding other non-financial assets beyond those covered by the common standards. statement (CRS) like real estate properties as well,” she said.

Sitharaman advocated for global regulation of cryptocurrencies to combat the risks of money laundering and terrorist financing.

In the area of ​​tax transparency, she said, considerable progress has been made with the automatic exchange of financial account information, while more than 100 countries have committed to exchange account information. financial under the CRS.

Several other jurisdictions that are not yet part of the framework will need to be brought on board, she said, adding “I think it’s up to the G20 to play the catalytic role in encouraging those jurisdictions to be part of the automatic exchange. of information.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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