UK and International Tax news
Global Forum On Tax Transparency And Exchange Of Information
Friday 29th November 2013
Members of the Global Forum On Transparency And Exchange Of Information For Tax Purposes took significant steps during the meeting of 21-22 November 2013 in Jakarta to implement a global call for greater international co-operation against tax evasion, with the following actions:
1. The publication of new compliance ratings for 50 countries and jurisdictions on practical implementation of the Global Forum’s information exchange standard. 18 jurisdictions are rated Compliant [i], 26 jurisdictions are rated Largely Compliant [ii], two jurisdictions are rated Partially Compliant [iii] and four jurisdictions are rated Non-Compliant [iv]. 14 additional jurisdictions [v] were not given compliance ratings, pending further improvements to their legal and regulatory frameworks for exchange of information in tax matters.
2. Establishment of a new Automatic Exchange of Information (AEOI) Group, open to all interested countries and jurisdictions, to prepare the move towards AEOI implementation. Italy was elected chair of this group.
3. Agreement for further work aimed at strengthening the definition of beneficial ownership and the availability of this type of information.
4. Agreement that the Forum continue monitoring implementation of the transparency and information exchange standard, while further developing its terms of reference and review processes.
The Global Forum brings together 121 countries and jurisdictions for wide-ranging discussions on transparency and exchange of information. Its sixth meeting attracted more than 200 delegates from 86 member jurisdictions and 11 international organisations. During the Jakarta meeting, six new countries became members: Azerbaijan, Dominican Republic, Lesotho, Romania, Senegal and Ukraine.
Working through a peer review process, the Forum assesses the adequacy of its members’ legal and regulatory framework for exchange of information in tax matters (Phase 1 review) as well as the application of this framework (Phase 2 review). To date, 124 peer reviews have been completed, including 50 Phase 2 reviews.