INDIA participated
in the Joint International Task Force on Shared Intelligence and Collaboration
(JITSIC) meeting held in Paris early this week where 30 Revenue
Authorities shared their findings on investigations arising from the Panama
Papers including the role of tax intermediaries such as financial institutions,
advisers etc., who facilitate tax evasion. The meeting included sharing of
best practices and information between participating member countries based
on legal instruments under the tax treaties and OECD and Council of Europe
Multilateral Convention. The sharing of this information within a group of
this size is unique and sets the basis for greater cooperation amongst tax
administrations.
Since
the last JITSIC meeting of this group, significant achievements have
been made including the development of uniform approaches to requesting
information between treaty partners, clearer understanding of the
evasion typologies adapted by intermediaries, and new techniques for
collating intelligence. JITSIC will continue to draw on the best
intelligence capabilities from tax authorities around the world and
share best practices for data analysis and collaboration on
intelligence. The tax administrations will, accordingly, continue to
share information under existing legal frameworks for exchange.
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