Blog

14
sep

According to OECD, jurisdictions move towards full tax transparency

Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports

Reports on Andorra, Anguilla, Antigua and Barbuda, Austria, Bahrain, the Virgin Islands (British), Curacao, Liechtenstein, Luxembourg, Saint Kitts and Nevis and the Turks and Caicos Islands focus on their legal frameworks which allow for transparency and exchange of tax information. The review of the United Kingdom also considers the exchange of information in practice.

In addition, two supplementary reports – for Belgium and the Cayman Islands – show that they are swiftly amending their domestic legislation to address recommendations made by the Global Forum in previous reviews.

The reports could be viewed at http://eoi-tax.org.

In all 12 new reviews, the most common deficiencies relate to: the lack of available ownership information as regards trusts and bearer shares; incomplete accounting information for some forms of trusts and partnerships, including foreign or international entities; and some limitations in the international agreements allowing for exchange of information.

An additional 12 peer review reports and 5 supplementary reports are set to be completed by November 2011 bringing the number of reviews to about 60 before the G20 Summit to be held in Cannes.

www.oecd.org