Digitalisation, new financial products call for timely global tax info exchange: Sitharaman
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system.
Speaking at the 18th Global Forum Plenary meeting, Sitharaman said technological tools like artificial intelligence, along with judgement, should be used to ensure that tax information exchanged among jurisdictions leads to measurable outcomes.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange.
Stating that confidentiality and cybersecurity must be maintained with great care, the minister called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, emergence of new financial products, and evolving structures of beneficial ownership.
"These are not challenges that any one country can address alone. They demand coordination, trust and timely exchange of relevant information," she said.
The role of the Global Forum in reviewing implementation, developing standards and supporting countries remains critical, she said, adding that transparency can be both effective and fair when it is guided by clear rules, mutual respect and shared objectives.
"As work progresses, our collective task is to deepen current standards where necessary and, to ensure that exchanged information translates into measurable outcomes. The focus must remain on fairness, sustainability and public trust in the integrity of tax systems," Sitharaman said.
"We may come from different jurisdictions and traditions. But we are united by the shared purpose to ensure that lawful economic activity is encouraged, that evasion is discouraged'¦," the minister added.
Noting that voluntary compliance has strengthened in India over the last decade due to fairness and predictability in tax systems, the minister said India has been integrating exchanged information with broader analyses of compliance and risk.
She said technology and artificial intelligence offer opportunities to make sense of information in a timely and efficient way, but the key is "judgement, responsibility and a respect for procedure.
"Innovation must always walk hand in hand with accountability. It is that balance which gives systems strength and credibility," Sitharaman said.
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VHP warns of statewide stir in Karnataka against move to ease cattle transport law
Udupi (Karnataka) (PTI): The VHP on Saturday demanded the immediate withdrawal of a proposed amendment to the Karnataka Prevention of Slaughter and Preservation of Cattle Act, 2020, accusing the state government of weakening a law that has deterred illegal cattle transport.
The organisation's Go Raksha Wing, Karnataka South, has also announced district-level protests on December 8.
According to officials, the existing law mandates a bank guarantee for securing the release of vehicles seized for alleged illegal cattle transportation.
On December 4, the state Cabinet proposed an amendment enabling the release of such vehicles on an indemnity bond instead.
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Addressing reporters in Udupi, VHP leader and Prantha Goraksha Pramukh Sunil K R, said the government's move amounted to "sympathy for cattle lifters" and claimed that it was part of broader actions "targeting Hindus".
He argued that the law in its current form is stringent and has played a crucial role in reducing incidents of illegal cattle transport and theft.
Under the Act, vehicles involved in offences can be surrendered and, upon conviction, permanently seized by authorities. "Diluting these provisions will embolden offenders," Sunil said.
The VHP leader warned that easing the process of vehicle release would not only encourage violators but also result in rising cruelty against cattle.
Sunil further claimed that the strict enforcement of the 2020 law had brought down cases of cattle-related offences significantly. Rolling back these provisions, he said, could reverse those gains and would lead to an increase in illegal transport.
He reiterated that the government must reconsider its decision and preserve the integrity of the existing law.
