OECD Member Countries will Discuss ‘Joint Action’ Over Panama Papers Leaks
On Wednesday, Australian officials said, tax officials from Organization for Economic Co-operation and Development (OECD) countries will discuss different ways in which governments can analyze the data that were leaked through the Panama Papers.
The Panamanian tax shelters were born a long time ago and have provided many rich and famous to stack their money illegally to avoid taxes and also hide capital that came from illicit sources. Governments globally have launched probes into likely financial misconduct after details surfaced about hundreds of thousands of documents regarding clients' tax affair that were leaked from Mossack Fonseca, the Panama based law firm.
On Wednesday, lead by Chris Jordan, Australian Tax Office Commissioner, the Organization for Economic Co-operation and Development's Joint International Tax Shelter Information and Collaboration (JITSIC) network will bring senior tax administration officials from forty six countries together at the Paris meeting.
A spokesman of ATO said, "The meeting will consider how member jurisdictions can share information on leaked documents, and collaborate on analyzing the data and opportunities for joint action. A key outcome of Wednesday's meeting will be to develop a joint and coordinated response, including a commitment to collaborate and share data, analytical methodologies and future joint compliance action."
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