Economy / Taxation / Convention on Mutual Administrative Assistance in Tax Matters....
Convention on Mutual Administrative Assistance in Tax Matters....
- Development and Collaboration:
- The Convention on Mutual Administrative Assistance in Tax Matters was jointly developed by the Organization for Economic Co-operation and Development (OECD) and the Council of Europe.
- Comprehensive Multilateral Instrument:
- The Convention stands as one of the most comprehensive multilateral instruments available for all forms of tax cooperation.
- It addresses issues related to tax evasion and avoidance.
- Facilitation of Bilateral Agreements:
- The Convention facilitates the entrance into bilateral tax information exchange agreements between state parties that are members of the Convention.
- Global Participation:
- G20 (Group of Twenty) countries, including India, express favor towards the Convention.
- As of a certain point, approximately 126 countries and parties, spanning all G20 countries, all BRICS nations, all OECD countries, and an increasing number of developing countries, have joined the Convention.
- Benefits and Significance:
- The Convention enhances global cooperation in tax matters and creates a framework for effective information exchange, contributing to the global fight against tax evasion and illicit financial activities.
India's participation in the Convention reflects its commitment to international efforts aimed at ensuring fair and transparent tax practices across borders.
