Paradise Papers leaks: Statement by Chair of the OECD's Forum on Tax Administration
Released 9 November 2017
Much of the recent leaks involve legacy issues which precede recent changes in tax transparency, says Chair of the OECD Forum on Tax Administration.
The Organisation for Economic Co-operation and Development (OECD) has issued a press release commenting on the so-called ‘Paradise papers’ leaks stating that the Forum on Tax Administration’s Joint International Task Force on Shared Intelligence and Cooperation (JITSIC) is already working collaboratively on the issues raised and the tools available to tax administrations to tackle tax evasion and aggressive tax avoidance have undergone a step-change in recent years.
Hans Christian Holte, the new Chair of the Forum on Tax Administration said:
‘Thanks to ground-breaking international agreements, it is no longer possible to hide assets by simply placing them in offshore accounts or structures. Banking secrecy has been quickly disappearing and cooperation between tax administrations is rapidly improving.
Much of the recent leaks, as was the case with the Panama Papers, seems to involve legacy issues prior to the huge change in tax transparency, in particular the automatic exchange of information under the Common Reporting Standard. That is already having significant impacts.’
For more information, view the press release "Paradise Papers" leaks: Statement by Hans Christian Holte, Chair of the OECD's Forum on Tax Administration.