PARIS /
A GROUP OF countries, including India exchanged views and explored mechanisms for cooperation on the issue during a special meeting called by global economic body OECD on ‘Panama Papers’ disclosure in Paris.
About 500 Indians, including prominent businessmen, film celebrities and those belonging to lucrative professions have figured in the list for holding offshore assets in the tax haven nation.
OECD Secretariat said in a statement in Paris that the participants from a number of countries including members of the OECD and the G-20 exchanged views on the Panama Papers and explored mechanisms for cooperation as necessary. It added that follow up will be ensured by each tax administration in accordance with its own domestic laws and regulations as well as information sharing agreements that governments have in place between them. The discussions are confidential and the OECD is not privy to any taxpayer specific information.
India was represented in the special one-day session by a senior official from the Central Board of Direct Taxes, under the Union Finance Ministry. India adheres to a number of OECD norms for strengthening overseas tax cooperation and exchange of information. A the first meeting of a specially constituted Multi-Agency Group of probe agencies held in New Delhi last week it was decided to approach the OECD along with another similar forum FATF for support in this regard.
