Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track black money.
Mukherjee, who is spearheading the fight against tax evasion at the G-20 grouping, also made a case for collective action against those countries that refuse to part with tax and banking information essential for tracking slush funds.
“Till now, nearly 500 Tax Information Exchange Agreements (TIEA) have been signed all over the world. India has signed about 13 TIEAs,” the minister said after the conclusion of the two-day meeting of the G-20 finance ministers and central bank governors here.
Under TIEAs, countries are required to share tax and banking information about individuals and companies. At the G-20 Seoul summit last year, the leaders of the grouping had called for all jurisdictions to conclude TIEAs whenever requested by any partner.
