The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) published today 10 new peer review reports demonstrating continuing progress toward implementation of the international standard for exchange of information on request. The reports allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for each of the eight jurisdiction undergoing a Phase 2 review.
Switzerland received an overall rating of "Largely Compliant," which confirms the progress it has made over the past years towards greater tax transparency and exchange of information.
The Global Forum also reviewed exchange of information practices through Phase 2 peer review reports in six other jurisdictions, five of which – Albania, Cameroon, Gabon, Pakistan and Senegal - received an overall rating of "Largely Compliant." United Arab Emirates was rated "Partially Compliant."
A Phase 1 report on Ukraine assessed the legal and regulatory framework for transparency and exchange of information, which was found sufficient to move Ukraine to the new round of reviews, which will assess its legal framework and practices for exchange of information against the revised Terms of Reference during the second half of 2018.
Liberia's Supplementary Report assessed improvements made to the legal framework and exchange of tax information mechanisms since the adoption of a Phase 1 Report in 2012. In light of actions undertaken to address the recommendations made in 2012, Liberia is in a position to move to the next round of peer reviews, which is scheduled to commence in the second half of 2018.
The Phase 2 supplementary report for Saint Lucia assessed changes to its exchange of information practices since the adoption of its previous review in 2014. The overall rating for Saint Lucia has been upgraded from "Partially Compliant" to "Largely Compliant."
With the release of the latest batch of reviews, the Global Forum has now completed 235 peer reviews and assigned compliance ratings to 101 jurisdictions that have undergone Phase 2 Reviews. Twenty-two jurisdictions are rated "Compliant," 67 are rated "Largely Compliant," and 12 are rated "Partially Compliant". There are still 7 jurisdictions which remain blocked from moving to a Phase 2 review, due to insufficiencies in the legal and regulatory framework. The supplementary reviews of five of these jurisdictions are currently under way.
Global Forum members are also working together to monitor and review the implementation of the international standard for the automatic exchange of tax information for which exchanges are to start in 2017. The monitoring and review process is intended to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed. It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.
Egypt has just joined the Global Forum, bringing membership to 135 jurisdictions. The European Union fully participates in Global Forum work.
Bron: OECD
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