Global Finance Faces Digital, Tax Hurdles

Finance Minister Nirmala Sitharaman has called for enhanced international cooperation to address emerging challenges in the global economy, including digitalization, novel financial products, and complex ownership structures. Speaking at the 18th Global Forum Plenary, she stressed that these issues require a unified approach among 170 participating jurisdictions.

Sitharaman underscored the importance of trust and transparency in financial dealings, stating that cybersecurity and confidentiality are paramount. She noted that while technology and AI offer significant opportunities for efficient data analysis, human judgment and accountability remain essential for maintaining the credibility of tax systems.

The minister affirmed India's commitment to strengthening voluntary compliance through fair and predictable tax systems. She concluded by emphasizing the shared purpose of encouraging lawful economic activity and discouraging evasion, highlighting the delicate balance between innovation and accountability.