By TIOL News Service

NEW DELHI, APR 04, 2017: IN a joint communique issued at the 9th UK-India Economic & Financial Dialogue, the Chancellor of the Exchequer of the UK and the Indian Finance Minister have stated that both the countries share a common commitment to addressing cross-border tax evasion and avoidance and agree to collaborate in determining the status of wealth deposited in foreign financial accounts by nationals of both countries.

"We look forward to enhanced cooperation in this area. The two sides encourage timely implementation of the G20/OECD Base Erosion and Profit Shifting Project outputs and call on other countries to meet their commitments. The UK and India have committed to the Common Reporting Standards on Automatic Exchange of Tax Information and will begin to exchange information in 2017," adds the Communique.

The UK and India also welcomed the selection of the first Chevening Standard Chartered Financial Services Fellows - eight top Indian financial services leaders of the future - who will attend an eight week intensive course in financial services in London in the spring; and the inauguration of the IMF’s South Asia Regional Training and Technical Assistance Centre (SARTTAC) in February 2017. India and the UK are both founder members of this centre. This centre will further strengthen macroeconomic and financial capacity.

Both the Finance Ministers said that investment is a particularly important part of this economic and commercial partnership. The UK and India reaffirmed non-discriminatory treatment of foreign investors and committed to ensure an environment in which investors can continue to invest with confidence. The UK and India agreed to work together swiftly to encourage sustainable bilateral investment that benefits both countries, including through the Joint Working Group.

Both sides welcomed the recent launch of a Fast Track investment promotion mechanism, which provides a single window to help UK companies when establishing and expanding their business in India.