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Via LexisNexis

LNB News 31/07/2013 121
Published Date

31 July 2013

Issue Date

31 July 2013

Issuing Department

Organisation for Economic Co-operation and Development (OECD)

Jurisdiction

Austria;Bermuda;Brazil;British Virgin Islands;India;Luxembourg;Malta;Monaco;Qatar;San Marino;The Bahamas;Israel;Lithuania

Abstract

The OECD Global Forum on Tax Transparency has released peer review reports assessing the tax systems of 13 jurisdictions for information exchange.

Full Text

31/07/2013 – The Global Forum on Transparency and Exchange of Information for Tax Purposes has released peer review reports assessing the tax systems of 13 jurisdictions for information exchange. Later this year, most of these reviews will feed into the ratings assigned to 50 jurisdictions, backing G20 and Global Forum efforts to strengthen tax cooperation and stamp out cross-border tax evasion.

The new reports cover key players in a move toward greater tax co-operation. The 11 “Phase 2” reports review the exchange of information in practice in Austria, Bermuda, Brazil, British Virgin Islands, India, Luxembourg , Malta, Monaco, Qatar, San Marino and The Bahamas. The two “Phase 1” reports look at the legal and regulatory framework for transparency and exchange of information in Israel and Lithuania. All the reports assess the jurisdictions’ commitment to the international standard for tax information exchange.

To date, the Global Forum has reviewed 98 jurisdictions. The 50 jurisdictions to be assigned ratings in November will include a further 9 Phase 2 reports expected to be adopted at that time. Each jurisdiction will receive ratings for the individual elements of the international standard and an overall rating – “compliant,” “largely compliant,” “partially compliant” or “non-compliant”.

Welcoming the reports,the Chair of the Global Forum, Kosie Louw of the South African Revenue Service, said: “The Global Forum is applying pressure on all jurisdictions to implement the standard and co-operate effectively in tax information exchange. The publication of the ratings later this year will be a crucial moment for all those committed to fighting cross-border tax evasion”.

For further information, journalists should contact: Mikkel Thunnissen, Global Forum Secretariat at: (+ 33) (0) 1 45 24 17 88 or via e-mail: Mikkel.Thunnissen@oecd.org.

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