JITSIC Tackling Global Tax Risks

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..... JITSIC Tackling Global Tax Risks - News and Press Release Dated:- 18-7-2017 - News - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 18th July, 2017. PRESS RELEASE JITSIC Tackling Global Tax Risks India participated in the fourth Joint International Taskforce on Shared Intelligence and Collaboration (JITS .....

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..... IC) meeting reconvened in Paris to pursue the work on the Panama Papers in the last week of June 2017. Based on legal instruments under the OECD and Council of Europe Multilateral Convention and tax treaties, a number of countries shared information in confidential Competent Authorities sessions, on structures that facilitate, enable and promote tax avoidance / evasion. India also shared its exper .....

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..... ience in this regard. Demonstrating the value and strength of JITSIC, 30 project participant countries have continued to exchange, analyse and act on information about taxpayers and intermediaries connected to Mossack Fonseca. In the past six months, more than 570 requests for information have been sent to 32 countries. India has also sent several requests for information to various jurisdictio .....

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..... ns in the Panama Paper cases since the last meeting in January 2017. JITSIC members have established the capability to allow for 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. Collaboration wi .....

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..... th JITSIC has been useful for India in its fight against offshore tax evasion. (Meenakshi J Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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