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- Common Reporting Standards on Automatic Exchange of Information should be implemented on a fully reciprocal global basis.
- This can help tackle the problem of the problem of black money & illicit flow to offshore jurisdictions and tax havens.
- Base erosion and profit shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to make profits ‘disappear’ for tax purposes!
- India welcomes the progress made in BEPS project incorporating the participation of 8 non-Oecd G20 countries