New Delhi, Dec 2 (NationPress) Finance Minister Nirmala Sitharaman emphasized on Tuesday that India's strategy towards tax transparency stems from a broader conviction that economic governance should be grounded in fairness and responsibility.

During her address at the 18th Global Forum Plenary Meeting, FM Sitharaman articulated that tax transparency is not merely an administrative update but a fundamental element in fostering a more robust and equitable society.

She elaborated that when individuals and companies contribute their rightful share of taxes, and when tax evasion is rigorously addressed, nations tend to achieve greater stability and equity.

“India’s legislation targeting illicit financial activities and undisclosed offshore assets underscores this commitment to fairness,” she remarked.

FM Sitharaman noted that the country’s involvement in global frameworks such as the Exchange of Information on Request and the Automatic Exchange of Information highlights its dedication to transparency.

She linked transparency directly to development, stressing that essential public services like infrastructure, healthcare, education, and welfare programs heavily rely on domestic financial resources.

“When wealth escapes taxation, it exacerbates both revenue and developmental disparities, particularly in developing countries,” she pointed out.

Every rupee or dollar garnered through transparent means significantly enhances lives, she added.

FM Sitharaman asserted that transparency should be perceived as a cornerstone of sustainable development and fiscal resilience, rather than merely a compliance obligation.

India's experience over the last decade shows increased voluntary compliance, with citizens more inclined to adhere to regulations when they believe that the system rewards honesty and firmly discourages tax evasion, she noted.

“This surge in tax morale is attributed to simplification, clarity, and persistent efforts to foster trust – not just through enforcement. Fairness and predictability engage public participation much more effectively than coercion,” the Finance Minister explained.

FM Sitharaman also discussed India's initiatives to merge exchanged information with comprehensive compliance and risk analysis.

“Technological advancements and artificial intelligence provide powerful tools for processing information more efficiently; however, she emphasized that judgment, responsibility, and adherence to procedure must guide their application,” concluded Finance Minister Sitharaman.