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OECD to discuss ‘joint action’ on Panama Papers leaks: Australian officials

SYDNEY (Reuters) – Tax officials from Organization for Economic Co-operation and Development (OECD) countries will discuss ways governments can share and analyze data coming out of the Panama Papers cache of leaked documents, Australian officials said on Wednesday.

Spearheaded by Australian Tax Office (ATO) Commissioner Chris Jordan, the OECD’s Joint International Tax Shelter Information and Collaboration (JITSIC) network will bring together senior tax administration officials from 46 countries at the Paris meeting on Wednesday.

“The meeting will consider how member jurisdictions can share information on leaked documents, and collaborate on analyzing the data and opportunities for joint action,” an ATO spokesman told Reuters.

“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.”

Tax havens and transparency have been thrust into the spotlight as governments worldwide launch probes into possible financial wrongdoing after the details of hundreds of thousands of clients’ tax affairs were leaked from Panama-based law firm Mossack Fonseca.

“The meeting of JITSIC leaders to discuss the Panama papers is unprecedented and a great opportunity to demonstrate global will and capability to take on this multilateral challenge when it matters most,” the spokesman added.

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