Japan has accepted an invitation to join the Joint International Tax Shelter Information Centre (JITSIC), where members exchange information to track tax avoidance and abusive cross-border transactions.
In addition JITSIC has decided to open a second office in London in fall 2007.
JITSIC, formed in 2004 by Australia, Canada, the United Kingdom and the United States, plans to broaden its focus. A press release issued by the IRS said that the group will share "best practices on risk assessment and other key areas of interest," and increase the "transparency of cross-border transactions in order to create a level playing field for taxpayers who are voluntarily compliant."
