The April 13 meeting in Paris will discuss the 'Panama Papers' disclosures in which about 500 Indians have figured for holding offshore assets in the tax haven nation. (File photo)
Global economic body OECD has called a special session of countries, including India, on April 13 to firm up cooperation between nations in the wake of the 'Panama Papers' disclosures in which about 500 Indians have figured for holding offshore assets in the tax haven nation.
India adheres to a number of OECD norms for strengthening overseas tax cooperation and exchange of information and at the first meeting of a specially constituted Multi-Agency Group (MAG) of probe agencies held in New Delhi yesterday it was decided to approach the global body along with another similar forum FATF for support in this regard.
A senior Finance Ministry official in New Delhi acknowledged that the Organisation for Economic Cooperation and Development's (OECD) invite for the meeting is meant for all the countries affected by Panama disclosures but a final decision on an Indian representation in the meeting will only be taken by the government.
"Government officials from around the world have called on the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network to explore possibilities of cooperation and information sharing, identify tax compliance risks and agree collaborative action in light of the 'Panama Papers' revelations.
"The meeting, to be held in Paris on April 13 will bring together senior tax administration officials from countries worldwide," a statement by the OECD secretariat said.
It said the JITSIC is a network of tax administration officials with responsibility for responding to global compliance risks through active collaboration and fast and effective information exchange with other tax administrations.
"The 'Panama Papers' revelations contain an unprecedented amount of information, including more than 11 million documents covering 210,000 companies in 21 offshore jurisdictions. Each transaction spans across a number of different jurisdictions and may involve multiple entities and individuals.
"The meeting at the OECD presents tax administrations with a first opportunity to act on the considerable body of information revealed by the 'Panama Papers' release. As a network of tax administrations committed to sharing intelligence and working together to tackle common risks, the JITSIC network is well placed to take on this challenge," it said.