Monday, June 24 2019

June 9, 2019

Need cooperation on dealing with fugitive economic offenders – Nirmala

Union Minister for Finance & Corporate Affairs Smt. Sitharaman noted the urgency to fix the issue of determining right nexus and profit allocation solution for taxing the profits made by digital economy companies. She was participating in G20 Finance Ministers and Central Bank Governors meeting and associated events during at Fukuoka, Japan. Appreciating the significant progress made under the taxation agenda including the Base Erosion and Profit Shifitng (BEPS), tax challenges from digital economy and exchange of information under the aegis of G20, Smt. Sitharaman congratulated the Japanese Presidency for successfully carrying these tasks forward.
Smt. Sitharaman also raised the need for international cooperation on dealing with fugitive economic offenders who flee their countries to escape from the consequences of law. She informed about the fugitive economic offenders law passed by India which provides for denial of access to courts until the fugitive returns to the country. This law also provides for confiscation of their properties and selling them off.