The Indian Finance Ministry announced that India had taken part in the global joint task force meet to discuss the information exchange issue with other countries as a follow-up work on the Panama Papers.
During the last week of June 2017, the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting was held in Paris and further work on the Panama Paper was discussed. So far, 30 projects have been ongoing and information of taxpayers and intermediaries regarding Mossack has been exchanged and analyzed by jurisdictions concerned. 32 jurisdictions have filed and received over 570 requests on information exchange, and India also participated in this process and obtained information to various jurisdictions in the Panama Paper cases since the last meeting in January 2017.
"JITSIC members have established the capability to allow 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," according to the statement. India benefits from the collaboration with JITSIC with respect to plug offshore tax evasion as well.
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. This event attracts attention of tax authorities all around the world because many of the entities set up by Mossack were shell corporations used for illegal purposes, including fraud, tax evasion and evading international sanctions. Information on entities set up by over 500 Indian nationals were also released in detail.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
Implementation of BEPS Action 13 - Argentina, Mexico and other countries of Central America
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