Sitharaman asks for efficient tax reporting system for crypto assets

14 Oct 2022 , 09:27 AM

Nirmala Sitharaman, the finance minister, urged on Thursday for an efficient tax reporting system and information sharing across countries for crypto assets to prevent offshore tax avoidance. Sitharaman spoke up on a variety of crucial topics, including infrastructure, investments, and international taxes, during the G20 Finance Ministers and Central Bank Governors being held here in conjunction with the annual meetings of the IMF and the World Bank.

She emphasized the need to use private sector engagement to scale up investments in sustainable and digital infrastructure. She also discussed the need for subnational financial mobilization for inclusive and high-quality infrastructure. Discussions about the advancements achieved on the worldwide taxation agenda this year took place at the last session of the present G20 meeting.

In regards to the two-pillar solution, the finance minister urged for prioritizing capacity building and for all jurisdictions to participate actively in talks. In addition, she stated that international tax regulations have to be easy to follow, manageable, and produce substantial income for developing nations.

According to a series of tweets from the Ministry of Finance, Sitharaman also advocated for an efficient tax reporting structure and information sharing between jurisdictions for crypto assets to prevent offshore tax evasion.

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