In view of the 'Panama Papers' revelations, Govt
officials from
around the world have called on the OECD to convene a special project
meeting of the Joint International Tax Shelter Information and Collaboration
(JITSIC) Network to explore possibilities of co-operation and information-sharing,
identify tax compliance risks and agree collaborative action.
The meeting, to be held in Paris on 13th April, will bring together
senior tax administration officials from countries worldwide.
JITSIC is a network of tax administration officials with responsibility for
responding to global compliance risks through active collaboration and fast
and effective information exchange with other tax administrations.
The “Panama Papers” revelations contain an unprecedented amount of information,
including more than 11 million documents covering 210,000 companies in 21
offshore jurisdictions. Each transaction spans across a number of different
jurisdictions and may involve multiple entities and individuals.
The meeting at the OECD presents tax administrations with a first opportunity
to act on the considerable body of information revealed by the “Panama Papers”
release. As a network of tax administrations, committed to sharing intelligence
and working together to tackle common risks, the JITSIC Network is well placed
to take on this challenge.
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