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January 25, 2017

Tax authorities target intermediaries

By aziz rahman

Tax authorities from 30 countries have met in Paris earlier this month for the meeting of the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) on Panama Paper, an informal group of tax agencies, sharing tax information and results of investigations consequent to the panama papers.

The JTSIC said the meeting included the largest ever simultaneous exchange of information, based on legal instruments under the OECD and Council of Europe Multilateral Convention and tax treaties.

Since their last meeting, the tax agencies in attendance have reportedly audited 1,700 taxpayers, have made 2,550 requests for information and have identified a “target list” of 100 intermediaries – lawyers, bankers, accountants and others who help wealthy individuals and companies in their tax.

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