The Union Finance Minister, Shri Pranab Mukherjee calls for strong measures to reverse the ongoing trend of illicit outflows from developing countries and exploitation of their natural resources through abusive transfer pricing schemes. Shri Mukherjee said that this abusive behavior is robbing developing countries of their scarce resources, which is required for financing of developmental programmes. The Finance Minister said that a recent report of global financial integrity outlines the illicit outflows from developing countries. The Union Finance Minister Shri Pranab Mukherjee said that we need to take strong measures to reverse this trend. He said that India and Organisation for Economic Cooperation and Development(OECD) can partner in this process. Shri Mukherjee said that transfer pricing continues to be an important tax issue due to high increase in cross border trade taking place within multinational enterprises located in developed, developing and undeveloped countries. He said that these challenges of new global environment will have to be addressed through bilateral and multi-lateral cooperation. Shri Mukherjee said that the emphasis of cooperation has to be on professional and skill up-gradation both in tax administration and in industry. He said that both India and OECD have been taking several steps to improve professional standard and competencies in these areas.
