India joins global pact to stem tax evasion

India has signed a new agreement at the Global Forum In Berlin, thus joining over 50 countries and jurisdictions to automatically exchange information, in the next step to stamp out tax evasion. Under the agreement, unprecedented levels of information, including account balances, interest payments and beneficial ownership will be shared with countries across the world in an international clampdown on tax evasion. The global standard of automatic information exchange to tackle tax evasion was developed by the OECD and agreed in July 2014. In total 57 countries and jurisdictions – known as the Early Adopters Group – have now committed to a common implementation timetable that will see the first exchange of information in 2017. A further 34 countries have committed to implement the new global standard by 2016.