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JITSIC expands
JITSIC expands
A second Joint International Tax Shelter Information Centre is to be opened in London in autumn 2007. Japan has accepted an invitation to join JITSIC, and a representative of the National Tax Agency will be present at the London centre. JITSIC was established in 2004 by the tax administrations of Australia, Canada, the UK and the US, to supplement the continuing work of the Australian Taxation Office, the Canada Revenue Agency, HMRC, and the Internal Revenue Service in identifying and curbing tax avoidance and shelters and those who promote them and invest in them.
The tax administrations have also made plans for the future development of JITSIC, along with a measured expansion to cover North America, Europe and Asia, broadening the focus of its activities, further sharing best practice on risk assessment and other key areas of interest, and particularly increasing the transparency of cross-border transactions in order to create a level playing field for taxpayers who are voluntarily compliant.
To date, delegates from each of the four countries have been based in Washington DC, and exchange information on abusive tax schemes, their promoters and investors, consistent with the provisions of bilateral tax conventions.
HMRC news release dated 23 May 2007
