A meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network is to take place on 13 April 2016 to discuss further options for cooperation following the publicity surrounding the documents referred to as the Panama Papers. The meeting will look at the possibility of further information sharing, identification of tax compliance risks and other forms of collaboration.
The JITSIC network brings together national tax administrations looking for more effective methods to deal with tax evasion and avoidance. The network is open to members of the OECD’s Forum on Tax Administration (FTA) who may take part on a voluntary basis.
The Panama Papers include more than 11 million documents concerning 210,000 companies in 21 jurisdictions and contain information about transactions spanning numerous jurisdictions involving multiple entities and individuals. The JITSIC network gives them a chance to share intelligence and work together on dealing with the risks to tax revenue collection and the meeting on 13 April is an opportunity for tax administrations to take action on the new information received.
