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HMRC have announced that the Commissioners of the Australian, Canadian, UK and US tax administrations have decided to open a second Joint International Tax Shelter Information Centre (JITSIC). The new centre will be opened in London in Autumn 2007. JITSIC was established in 2004 by the tax administrations of Australia, Canada, the United Kingdom and the United States, to supplement the ongoing work of the Australian Taxation Office, the Canada Revenue Agency, HM Revenue & Customs, and the Internal Revenue Service in identifying and curbing tax avoidance and shelters, and those who promote them and invest in them. 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. Japan has accepted an invitation to join JITSIC, and a representative of the National Tax Agency will be present at the London centre. The Commissioners 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. Link HMRC: Expansion of Joint International Tax Shelter Information Centre - JITSIC
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 23 May 2007 | 583 Hits |
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