India will take part in a special meeting of the Organisation for Economic Co-operation and Development (OECD) in Paris tomorrow to firm up cooperation between countries in the wake of the ‘Panama Papers’ leak. The GOI has decided to participate after it has received the invite last week from the Paris-based body.
To know about the leak report which has mentioned that 500 Indians are holding offshore assets in the tax haven, GOI has been decided that a Director- rank officer of Central Board Of Direct Taxes (CBDT) will represent the country at the day- long special session.
The government had also set up a Multi-Agency Group to investigate the Indian names and entities holding offshore assets in the tax haven as reported in the leaks . The officials said that a preliminary report has been sought by this week from the Finance Ministry, which is expected to be forwarded to the Prime Minister’s Office.
Yesterday Finance Ministry officials stated that they are looking forward to the meet as the country adheres to a number of OECD mandated norms aimed at strengthening overseas tax cooperation and exchange of information. They also said that India also follows fiscal guidelines endorsed by the OECD.
Announcing the date for the meeting, the OECD secretariat said that Government officials from around the world have called upon OECD to convene a special 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 on collaborative action in the light of the Panama Papers.
Apart form that the Income Tax department will also issue the notices to those whose names figure in the Panama leaks. They will be asked to explain their position and the next course of action will be determined thereafter.
Extra Info :
So now lets discuss some questions related to this post :
1. The OECD meet on Panama Papers leaks is going to held at which place ?
2. Expand the term OECD, CBDT and JITSIC ?
Courtesy : Economic Times