G20 Endorses India's Stance On Black Money

BEPS is a technical term referring to the effect of tax avoidance strategies used by multinational companies on countries' tax basis. BEPS is known more commonly as "Transfer pricing". This term is used in a project headed by the OECD that is said to be an attempt by the world's major economies to try to rewrite the rules on corporate taxation to address the widespread perception that the corporations do not pay their fair share of taxes.

Modi also said that increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting. He underpinned the need for the world community to take coordinated decisions although each country has its domestic priority. Briefing reporters, Railways Minister Suresh Prabhu and External Affairs Ministry Spokesperson Syed Akbaruddin said the reference to transparency, which was not there in the draft communique, was incorporated in the final communique after Prime Minister's strong intervention at Sunday's plenary session.

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