A special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network which was attended by the Irish Revenue took place at the OECD in Paris on 13 April 2016 to discuss the “Panama Papers” revelations. Revenue confirmed to Chartered Accountants Ireland that it will work closely with all network members and will use mutual assistance and legal provisions to maximum effect. Revenue stated that it remains “sharply focussed on identifying taxpayers with undeclared assets offshore, and encourages such taxpayers to come forward now, as the consequences of non-compliance are serious and costly”.

JITSIC is a grouping of tax officials who exchange views, information and practices at an operational level. It is a network of the OECD Forum on Tax Administration.