Tax scandals from “Panama Papers”

The ATO’s Position on Panama Papers: time to consider a voluntary disclosure!

Government officials from around the world have called on the OECD to convene a special project meeting to explore possibilities of co-operation and information sharing, identify tax compliance risks and agree on collaborative action, in light of the Panama Papers revelations.

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.

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 meeting, to be held in Paris on Wednesday 13 April, will bring together senior tax administration officials from countries worldwide. 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.

If you have undisclosed offshore income or assets, it may be time to consider a voluntary disclosure. If you are interested in discussing your tax issue with 100% confidential nature, please contact our office.

Source: OECD media release, 8 April 2016.