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OECD calls for a sudden meeting to discuss on Panama leaks

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Organisation for Economic Cooperation and Development (OECD) has called a special session of countries, including India, on April 13 in Paris to firm up cooperation between nations in the wake of the Panama Papers disclosures.

A statement by OECD secretariat said that the meeting, to be held in Paris on April 13, will bring together senior tax administration officials from countries worldwide.

It said, 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 in light of the ‘Panama Papers’ revelations.

The OECD said, the 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.

A senior Finance Ministry official in New Delhi acknowledged that the OECD invite for the meeting is meant for all the countries affected by Panama disclosures but a final decision on an Indian representation in the meeting will only be taken by the government.

“The ‘Panama Papers’ revelations contain an unprecedented amount of information, including more than 11 million documents covering 2.1 lakh companies in 21 offshore jurisdictions. The ‘Panama Papers’ this week disclosed a list of nearly 500 Indians including celebrities and industrialists who allegedly stashed money in offshore entities in Panama, considered to be a tax haven.

After the names of Indians holding overseas accounts appeared, the government set up the MAG comprising officials from the RBI, IT department, Financial Intelligence Unit, Enforcement Directorate and Foreign Tax and Tax Research to investigate whether the money deposited in the tax haven is legal or illegal.

 

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