New Delhi (ABC Live): JITSIC : India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017.
Based on legal instruments under the OECD and Council of Europe Multilateral Convention and tax treaties, a number of countries shared information in confidential Competent Authorities sessions, on structures that facilitate, enable and promote tax avoidance / evasion. India also shared its experience in this regard.
Demonstrating the value and strength of JITSIC, 30 project participant countries have continued to exchange, analyse and act on information about taxpayers and intermediaries connected to Mossack Fonseca.
In the past six months, more than 570 requests for information have been sent to 32 countries. India has also sent several requests for information to various jurisdictions in the Panama Paper cases since the last meeting in January 2017.
The members have established the capability to allow for fast, effective and coordinated multilateral responses to any future data leaks and are sharing the same.
JITSIC will continue to identify more arrangements as countries continue their investigations and share intelligence and new data comes to light. Collaboration with JITSIC has been useful for India in its fight against offshore tax evasion.
The JITSIC brings together 37 of the world’s national tax administrations that have committed to more effective and efficient ways to deal with tax avoidance. It offers a platform to enable its members to actively collaborate within the legal framework of effective bilateral and multilateral conventions and tax information exchange agreements – sharing their experience, resources and expertise to tackle the issues they face in common.
Open to all members of the OECD’s Forum on Tax Administration (FTA), the JITSIC operates through a Single Point of Contact (SPOC) in each country. It is supported by the FTA Secretariat based at the OECD.
JITSIC was originally established in 2004 as the Joint International Tax Shelter Information Centre to combat cross-border tax avoidance. Building on its initial achievements, the JITSIC was re-established in 2014 with many new members from across the FTA.
