• Taking another step towards combating blackmoney, India has signed a multi-lateral agreement with economic powers like France and Germany to check both tax evasion and avoidance.
  • The agreement, Convention on Mutual Administrative Assistance in Tax Matters, is a multilateral agreement of 31 other nations which promotes international co-operation while respecting the rights of taxpayers.
  • The agreement has been signed under the aegis of the Organisation for Economic Cooperation and Development (OECD), a top global financial body, at its headquarters in Paris recently.
  • A Finance Ministry official said the agreement was signed by CBDT official and Joint Secretary in foreign tax division of Finance Ministry Sanjay K Mishra along with OECD Deputy Secretary General Rintaro Tamakio.
  • An OECD statement said, by joining the agreement, India and other 31 signatories sent a strong signal that these countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place.