In a testimony to its growing clout in international economic affairs, India has been elected as a Vice- Chair of a global peer review group that will monitor the progress made by various countries in improving transparency and exchange of tax information.

The peer review group would be part of ‘Global Forum on Transparency and Exchange of Information for Tax Purposes’ – a grouping of nations that works towards establishing international tax norms. “India has been elected as a Vice Chair of the Peer Review Group (of the Forum) that would mainly assess the progress made by different countries in implementing the international tax standards,” said a top official of Organisation for Economic Cooperation and Development (OECD).

Apart from India, Japan, Singapore and Jersey have also been elected as Vice Chairs of the Peer Review Group. These countries have been chosen for a three-year period. The Group would be chaired by France. The countries were elected at the meeting of the forum held in Mexico where delegates from over 70 jurisdictions and international organisations participated. OECD, a grouping of rich nations, is leading initiatives on international tax standards.

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