The OECD is to hold a meeting this week with senior tax officials from around the world to discuss their response and proposed actions following the Panama Papers revelations about scores of offshore accounts used for tax evasion and aggressive tax avoidance
Since each transaction cited in the Panama Papers spans a number of different jurisdictions and may involve multiple entities and individuals, the OECD meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network is designed to give tax administrations a first opportunity to act on the considerable body of information revealed.
‘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,’ the OECD said in a statement.
The meeting in Paris on 13 April, will explore the possibilities for co-operation and information-sharing, identify tax compliance risks and agree collaborative action following the leak of more than 11 million documents from the Panama-based law firm Mossack Fonseca covering 210,000 companies in 21 offshore jurisdictions.
Open to all members of the OECD's Forum on Tax Administration (FTA), the JITSIC network operates through a Single Point of Contact (SPOC) in each country. It is supported by the FTA Secretariat based at the OECD. Membership of the JITSIC network entails an active commitment to sharing information and intelligence.
