Global Forum on tax transparency reviews 12 countries

29 October 2012 Global Forum was held in Cape Town, South Africa

The Global Forum has adopted a further 7 Phase 1 reports (Dominica, Marshall Islands, Niue, Russia, Samoa, Sint Maarten and Slovenia), 2 Combined reports (Argentina and South Africa) and 3 Supplementary reports (Liechtenstein, Monaco and Uruguay). As a result of the Supplementary reports, the Global Forum has determined that Liechtenstein and Uruguay can now move to a Phase 2 review.

With 88 jurisdictions already reviewed, the Global Forum is reaching the end of the Phase 1 reviews. The stand-alone Phase 2 reviews, which examine whether countries are enforcing their tax-related legislation, was launched in the second quarter of 2012. These reviews will provide in-depth investigations into the procedures and resources available for the exchange of information The first stand-alone Phase 2 reviews will be published in 2013 and more than 50 Phase 2 reviews will be completed by the end of the same year.