New Delhi, Oct 8 (KNN)  Finance Minister Arun Jaitley has emphasised the need to ensure that Common Reporting Standards on Automatic Exchange of Information are implemented globally on a fully reciprocal basis as this would be a key to prevent international tax evasion and avoidance.

Jaitley was speaking at 49th Annual Commonwealth Finance Ministers Meeting at Lima, Peru, where he is on an official tour from October 7 to 11, 2015 to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings, as per official data.

In international taxation matters, the Finance Minister welcomed the efforts of OECD (Organisation for Economic Co-operation and Development) in areas of BEPS project (base erosion and profit shifting) and automatic exchange of information which have important implications for Commonwealth countries.

He noted that India has been the beneficiary of these systems by getting vital information on tax evasion and emphasized the need for genuine and equitable multilateralism in deciding global norms and standards on taxation. 

The meeting of Commonwealth Finance Ministers also focused on issues relating to infrastructure financing, Small States Trade Financing Facility, etc. (KNN Bureau)