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India, 29 countries discuss Panama Papers investigations

NEW DELHI: India and 29 countries discussed their findings on investigations arising from the Panama Papers, including the role of tax intermediaries such as financial institutions and advisers in tax evasion.

The two-day meeting of the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) in Paris saw revenue authorities of 30 countries sharing their best practices and information based on legal instruments under the tax treaties and OECD.

“30 Revenue Authorities shared their findings on investigations arising from the Panama Papers  including the role of tax intermediaries  such as financial institutions, advisers, who facilitate tax evasion,” an official statement said.

The sharing of this information within a group of this size is unique and sets the basis for greater cooperation amongst tax administrations, it added.

The ‘Panama Papers’ leaks contain an unprecedented amount of information running into more than 11 million documents covering 2,10,000 companies in 21 offshore jurisdictions. The names were released by the International Consortium of Investigative Journalists (ICIJ).

About 500 Indians figure in the list which includes prominent businessmen, film celebrities and those belonging to lucrative professions. (AGENCIES)

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