India’s Tax Transparency Champion: Unveiling Billion-Dollar Secrets

India is being recognized as a strong advocate for tax transparency by the OECD. By prompting taxpayers to disclose foreign assets, India has uncovered properties worth over Rs 29,000 crore. These efforts are part of broader initiatives by India to fight offshore tax evasion and ensure compliance with international standards.

India has emerged as a leader in tax transparency initiatives, as highlighted by a top OECD official. A campaign aimed at encouraging Indian taxpayers to disclose undisclosed offshore assets has led to the revelation of properties worth Rs 29,000 crore.

Zayda Manatta, head of the OECD Secretariat, emphasized India's sustained support for global tax transparency since 2009. Manatta praised India's commitment to implementing the Common Reporting Standard (CRS) and highlighted the progress made under the Global Forum's agenda to tackle tax evasion.

The NUDGE campaign, initiated by India's Income-Tax Department, achieved significant success in prompting disclosure of foreign assets and income. With a substantial increase in asset and income reporting, India strengthens its position in the fight against international tax evasion, setting the stage for future transparency gains at the upcoming OECD Global Forum.

(With inputs from agencies.)