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India, US to enhance collaboration on tackling offshore tax evasion

India and the US have agreed to enhance collaboration on tackling offshore tax evasion and increase cooperation in sharing of cross-border tax information.

“We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits and tax examination abroad,” Finance Minister Arun Jaitley and US Treasury Secretary Jacob Lew said in a joint statement yesterday.

The statement was issued after Jaitley and Lew co-chaired the 6th US-India Economic and Financial Partnership (EFP) here on the sidelines of the annual Spring Meeting of the International Monetary Fund and the World Bank.

“We look forward to the Competent Authorities of the two countries engaging in bilateral dialogue to move forward cooperation in these areas,” it said, adding the two nations “resolved” a significant portion of bilateral tax disputes.

Jaitley and Lew were joined by other senior officials from both sides including Federal Reserve Chair Janet Yellen and Reserve Bank of India Governor Raghuram Rajan.

During the meeting, Lew is believed to have appreciated Jaitley’s effort to successfully resolve more than half of the concerns related to tax disputes.

“Over the past year, our tax authorities resolved a significant portion of bilateral tax disputes between the United States and India,” the statement said.

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