13th Apr 2016 05:25
Paris/SYDNEY (Alliance News) - The heads of tax authorities from 46 countries were to meet in Paris Wednesday to discuss a joint response to the Panama Papers leak regarding thousands of off-shore tax havens.
"The meeting will consider how member jurisdictions can share information on leaked documents, and collaborate on analysing the data and opportunities for joint action," an Australian Tax Office (ATO) spokesman told dpa Wednesday.
Thousands of offshore tax havens facilitated by Panama-based law firm Mossack Fonseca were revealed in millions of documents leaked to media earlier this month. The accounts are linked to politicians, sports stars and celebrities from more than 80 countries.
Australia's Tax Commissioner Chris Jordan is currently chair of the Joint International Tax Shelter Information and Collaboration (JITSIC) network that comprises 46 member nations of the Organisation for Economic Co-operation and Development (OECD).
Jordan is pushing for a major investigation by the network. He proposes that a multinational group of tax officials set up specialist teams to analyse the data and launch prosecutions.
"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," he has said.
The ATO said the amount of data was "extraordinary" with 11.5 million documents, 210,000 companies and thousands of individuals in more than 21 jurisdictions.
About 800 Australians have been listed in the files of the Panama law firm Mossack Fonseca and stand accused of concealing their wealth from the tax office.
Mossack Fonseca has stressed that it has never been accused of or charged with wrongdoing. Panama has insisted it is a law-abiding nation, promised a review of its legal and financial institutions, and objected to the moniker of "Panama Papers" used for the scandal.
Shell companies set up by Mossack Fonseca or other firms are not in themselves illegal and can serve as havens for legal tax avoidance, as well as for the illegal evasion of tax obligations.
Copyright dpa