"Based on legal instruments under the Organisation for Economic Co-operation and Development (OECD) and Council of Europe Multilateral Convention and tax treaties, a number of countries shared information in confidential competent authorities sessions, on structures that facilitate, enable and promote tax avoidance/evasion. India also shared its experience in this regard," the Indian Finance Ministry said in a statement.
"Collaboration with JITSIC has been useful for India in its fight against offshore tax evasion," the statement noted.
Demonstrating the value and strength of JITSIC, 30 project participant countries have continued to exchange, analyse and act on information about taxpayers and intermediaries connected to law firm Mossack Fonseca.
"In the past six months, more than 570 requests for information have been sent to 32 countries. India has also sent several requests for information to various jurisdictions in the Panama Paper cases since the last meeting in January 2017," it said.
JITSIC members have established the capability to allow for fast, effective and coordinated multilateral responses to any future data leaks and are sharing the same.
The joint international taskforce will continue to identify more arrangements as countries continue their investigations and share intelligence and new data comes to light, it said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.