India participated in global joint taskforce to discuss tax info exchange

Vastavam web: India has participated in the global joint taskforce meet to discuss with countries information exchange as it looks to pursue work on the Panama Papers, the finance ministry said today.The Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting was reconvened in Paris in the last week of June 2017 to pursue the work on the Panama Papers.Demonstrating the value and strength of JITSIC, 30 project participant countries have continued to exchange, analyse and act on information about taxpayers and intermediaries connected to Mossack Fonseca.

In the past six months, more than 570 requests for information have been sent to 32 countries. India has also sent several requests for information to various jurisdictions in the Panama Paper cases since the last meeting in January 2017.”JITSIC members have established the capability to allow for fast, effective and coordinated multilateral responses to any future data leaks and are sharing the same. JITSIC will continue to identify more arrangements as countries continue their investigations and share intelligence and new data comes to light,” the statement said.The Panama papers refer to 11.5 million leaked documents published by the International Consortium of Investigative Journalists with details of offshore entities set up by the law firm Mossack Fonseca over 40 years.