If you don't know JITSIC is the Joint International Tax Shelter Information Centre. There has been one of these to date, in Washington. Now it is growing. The following press release was issued by HMRC this week:
The Commissioners of the Australian, Canadian, UK and US tax administrations have decided to open a second JITSIC centre - in London, UK - 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.
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.
I welcome that. For all the reasons noted this is great news for taxpayers who are tax compliant. Cooperation pays.