G-20 to discuss tax transparency

Finance Ministers of the world's 20 most powerful countries in their two-day meet starting Friday are slated to discuss reforms to tackle black money and money laundering.

The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.

OECD is a group of 30 countries that accept principles of democracy and free market economy.

India's Finance Minister Pranab Mukherjee, flew in to London on Thursday night to participate in the meeting, along with his counterparts from Brazil, Russia and China.

Black money stashed away in tax heavens have kicked up a row in India a fortnight ago following Swiss banks saying that India is not welcome on name-fishing expedition.

A top official of Swiss Bankers Association had said ". . . India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here."

Finance ministers from BRIC nations (Brazil, Russia, India and China) had a separate two-hour meeting later on Friday.

Image: Pranab Mukherjee