On January 16 and 17, 2017 CRA participated in a meeting of the
Joint International Taskforce on Shared Intelligence and
Collaboration Network (JITSIC), a network of over 35 tax
administrations. The meeting was as a result of the Panama Papers
leak and the role of Panamanian law firm Mossack Fonseca and
included the largest simultaneous exchange of information under
international tax treaties. Internationally, due to the efforts of
the various JITSIC members, over 1,700 tax reviews and tax audits
have been commenced, over 2,550 requests for information have been
issued and a target list of 100 intermediaries has been identified
for further review. In Canada, over 76 taxpayer audits in relation
to the Panama Papers are underway and extensive data is currently
being reviewed by the Canada Revenue Agency. In addition to these
tax audits, the CRA has executed tax search warrants and criminal
tax investigations are ongoing.
