6th Meeting of Group on Automatic Exchange of Information held

The 6th Meeting of the Group on Automatic Exchange of Information (AEOI) Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) held in the national capital.

Inaugurated by: Minister of State for Finance, Shri Jayant Sinha

Highlights:

• Confidentiality and data safeguards in 32 countries, including India discussed and considered for approval.
• Discussed the process of monitoring and implementation of the Common Reporting Standards (CRS) on AEOI
• Specific reviews carried-out relate to confidentiality and data safeguards to be completed by 2016 for all the jurisdictions which have committed to the new standards.
• G-20 countries requested the Global Forum to take on the work of implementation of the new global standard on automatic exchange of information namely the Common Reporting Standard (CRS) on AEOI.

AEOI Group, which now has 64 member countries, is mandated to develop a methodology for the review through a transparent process in which all Global Forum members participate on an equal footing.