India participated in the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting held in Paris on 16th and 17th January 2017 where 30 Revenue Authorities shared their findings on investigations arising from the Panama Papers;  including the role of tax intermediaries  such as financial institutions, advisers  etc, who facilitate tax evasion. The meeting included sharing of best practices and information between participating member countries based on legal instruments under the tax treaties and OECD and Council of Europe Multilateral Convention.

Since the last JITSIC meeting of this group, significant achievements have been made including the development of uniform approaches to requesting information between treaty partners, clearer understanding of the evasion typologies adapted by intermediaries, and new techniques for collating intelligence. The tax administrations will continue to share information under existing legal frameworks for exchange.