FM for more global cooperation to check tax evasion, smuggling

Tribune News Service

New Delhi, December 4

Finance Minister Arun Jaitley has asked the Customs officials to use latest technology to gather and analyse intelligence information relating to any illicit transaction across the border.

He stressed the need for exchange of information by the officers of the Directorate of Revenue Intelligence (DRI) with other intelligence agencies and development of their potential to analyse it critically before hitting the final target. Though fiscal incentives for financial malpractices have come down over the years, the minister said revenue intelligence officials must increase global cooperation to "check tax evasion and smuggling."

While inaugurating the 2nd Regional Customs Enforcement conference here, the minister stressed that effective steps to curb tax evasion and avoidance are necessary to ensure that "free trade remains fair trade."

Jaitley further said in an era of free trade and trade liberalisation, there is a need for global and international cooperation and sharing of intelligence information among the countries, especially among the neighbouring ones in order to control the illicit movement of goods across the border.

He said officers need to be trained in order to read between the lines and be fully equipped to handle the latest technology tools efficiently and effectively in order to keep pace with the techniques used by the tax evaders who always try to exploit the loopholes in the law.

During the two-day meeting, the discussions will be focused on common areas of concern relating to enforcement, including issues relating to smuggling of Fake Indian Counterfeit Notes (FICN), issues pertaining to country of origin certificate, drug trafficking, smuggling of gold and sharing of SAARC-CMAA experiences among others.

Earlier speaking on the occasion, Revenue Secretary Shaktikanta Das asked the officers to focus on trade-based money laundering. He asked the customs and DRI officers to work in a non-intrusive manner so that legitimate movement of goods and services across border and within the country is not adversely affected.