New Delhi, December 2 (IANS). Union Finance Minister Nirmala Sitharaman said on Tuesday that transparency in tax matters in India has always been ahead of administrative reforms. It reflects the principle of economic governance being based on fairness and responsibility.
Speaking at the 18th Global Forum Plenary Meeting, the Finance Minister said that when individuals or companies pay their fair share and when theft is effectively prevented, societies become stronger and more equal. This trust has shaped our legal and enforcement framework.
The Finance Minister said, “Our laws against illicit money transactions and undisclosed foreign assets reflect this thinking, as well as our participation in the standard of exchange of information on request and automatic information exchange.”
According to him, transparency also has a direct impact on development. Public infrastructure, education, health services and welfare programs depend on domestic resources.
The Union Finance Minister said, “Every rupee and dollar raised with transparency can help improve lives.”
He said that when the country’s wealth escapes legitimate taxes, it not only reduces revenue but also reduces development. This has an important impact for developing countries.
He said that the reforms in paying taxes have come from efforts to create clarity, simplification and credibility with tax payers.
Regarding technology and artificial intelligence, the Finance Minister said that in India we have tried to link shared information with compliance and risk analysis.
He said, “The capabilities of technology and artificial intelligence are giving us the opportunity to understand information in a timely and efficient manner. Innovation must always be accompanied by responsibility. It is this balance that provides robustness and reliability to the system.
According to the Finance Minister, “Looking ahead, there are many new challenges that will require collaborative work. The digitalization of the economy, the emergence of new financial products and evolving structures of beneficial ownership require continued collaboration between different jurisdictions.”
–IANS
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