Government of India Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 20th January, 2017

Press Release

India participates in JITSIC meeting on ‘Panama Papers’

India participated in the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting held in Paris on 16th and 17th January 2017 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.

India discusses ‘Panama Papers’ findings with 30 Revenue Authorities of world

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.

(Dr. Binod K Sinha)

Commissioner of Income Tax

(Media and Technical Policy)

Official Spokesperson, CBDT

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