G20's global forum important to check tax evasion: Pranab

Finance minister Pranab Mukherjee today said the global forum set up by the G20 is important to check tax evasion and that New Delhi is committed to it.

"The work of the global forum is very important for fighting tax evasion and that is why we have worked so hard to ensure that the peer review process can start quickly," Mukherjee said in his message for a meeting of the steering group of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

Mukherjee's message was read out by revenue secretary Sunil Mitra at the two-day meeting that concluded here today, according to an official statement.

The G20 grouping had asked the forum to complete their peer review processes and to assess adherence to international standards.

"The global forum’s peer reviews will indicate the extent to which jurisdictions have implemented the international standards on transparency and exchange of information for tax purposes," the statement said.

The steering group, which guides the work of the global forum, considered the core documents required to launch the peer review process. It also examined the forum's progress in moving forward on the mandate given to it by the G20.

"India is strongly committed to the global forum’s work and I am confident that the needs of the developing countries will be taken into account by the forum," Mukherjee said.

"Tax plays a crucial role in helping developing countries mobilise their domestic resources and enforcing high standards of transparency and exchange of information internationally will be an important part of this strategy," he added.