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The Finance Minister, Mr Pranab Mukherjee, told at the G-20 Finance Ministers' meet in Paris that India will soon come out with a toolbox of counter-measures against certain jurisdictions that are not responding to its call to enter into tax information exchange agreements (TIEA) and keep insisting on double tax avoidance agreements instead.
Suggesting that the G-20 may need to consider classifying such jurisdictions as “non-cooperative” jurisdictions, Mr Mukherjee also said that the Global forum on Transparency and Exchange of Information for Tax purpose may take up this issue while reviewing the jurisdictions and report back to G-20.
Mr Mukherjee highlighted that leaders had at the Seoul Summit urged all jurisdictions to stand ready to conclude TIEA where requested by a relevant partner.
He, however, did not mention the jurisdictions that had not responded to India's request for entering into a TIEA.
The G-20 had left it to each country to develop a toolbox of countermeasures against non-cooperative jurisdictions.
Although Mr Mukherjee had raised this issue, it did not find any explicit mention in the communiqué issued after the talks on Saturday.
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