India to press for automatic exchange of non-financial assets' info at G20

India is pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets, like real estate properties, under the automatic exchange of information (AEOI) among OECD countries, Revenue Secretary Sanjay Malhotra said on Thursday.

Presently, the OECD's Automatic Exchange of Information (AEOI) framework provides for sharing of financial account details among signatory countries with an aim to check tax evasion. In August 2022, the OECD also approved the Crypto-Asset Reporting Framework (CARF) which provides for the reporting of tax information on transactions in crypto assets in a standardised manner, with a view to automatically exchanging such information.

Addressing the meeting of the 'Asia Initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes', Malhotra said there is also a need to broaden the scope of AEOI so that the information could be used not only to check tax evasion, but also for other non-ta