Union Finance Minister Nirmala Sitharaman
| Photo Credit:
@AndhraPradeshCMOX/ANI Photo
Finance Minister Nirmala Sitharaman on Tuesday called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, the emergence of new financial products, and evolving structures of beneficial ownership.
“There are new challenges that call for joint attention. The digitalisation of the economy, the emergence of new financial products, and evolving structures of beneficial ownership require continued cooperation between jurisdictions,” Sitharaman said at the 18th Global Forum Plenary on Transparency and Exchange of Information for tax purposes and Associated Meetings here. This forum is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange.
Trust and transparency
Stating that confidentiality and cybersecurity must be maintained with great care, the Minister said that these are not challenges that any one country can address alone. “They demand coordination, trust and timely exchange of relevant information,” she said. According to her, where trust exists, cooperation becomes easier, investments grow, and economic relationships become more stable. “In a global economy where interdependence is a fact of life, stable and trusted relationships between jurisdictions are indispensable,” she said.
The role of the Global Forum in reviewing implementation, developing standards and supporting countries remains critical, she said, adding that transparency can be both effective and fair when it is guided by clear rules, mutual respect and shared objectives.
“As work progresses, our collective task is to deepen current standards where necessary and, to ensure that exchanged information translates into measurable outcomes. The focus must remain on fairness, sustainability and public trust in the integrity of tax systems,” Sitharaman said.
“We may come from different jurisdictions and traditions. But we are united by the shared purpose to ensure that lawful economic activity is encouraged, that evasion is discouraged’¦,” the Minister added.
Noting that voluntary compliance has strengthened in India over the last decade due to fairness and predictability in tax systems, the Minister said India has been integrating exchanged information with broader analyses of compliance and risk.
She said technology and artificial intelligence offer opportunities to make sense of information in a timely and efficient way, but the key is judgement, responsibility and a respect for procedure “Innovation must always walk hand in hand with accountability. It is that balance which gives systems strength and credibility,” Sitharaman said.
Published on December 2, 2025
