Government 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, in light of the “Panama Papers” revelations.

The meeting, was held in Paris on 13 April 2016, to 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 OECD said 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, the OECD said.

The JITSIC has as its Vice Chair, the Australian Commissioner of Taxation: Mr Chris Jordan, and it has been reported in the Press that he convened this meeting.

[OECD media office] [OECD website – JITSIC] [LTN 67, 11/4/16]