Global Forum on Transparency and Exchange of Information for Tax Purposes holds 18th Plenary meeting

Key facts

• The Global Forum on Transparency and Exchange of Information for Tax Purposes comprises 170 jurisdictions and monitors implementation of international standards on transparency and information exchange.
• Finance Minister Nirmala Sitharaman stated that digitalisation of the economy and emergence of new financial products demand coordination, trust and timely exchange of relevant information.
• She emphasised that confidentiality and cybersecurity must be maintained with great care while using technological tools like artificial intelligence along with judgement to ensure measurable outcomes from exchanged tax information.