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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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
