On 16 July 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published peer review reports assessing the level of compliance by seven countries with the international standard on tax transparency and exchange of information on request (EOIR). The peer review reports assess the seven jurisdictions against the updated standard including beneficial ownership information of all legal entities and arrangements.
Of the jurisdictions examined, Guernsey and San Marino were given an overall rating of “Compliant.” Four other jurisdictions – Indonesia, Japan, the Philippines and the United States were rated “Largely Compliant.” The other jurisdiction, Kazakhstan, was rated “Partially Compliant.” The Global Forum considered that the jurisdictions have demonstrated progress on many of the deficiencies pinpointed in the first round of peer reviews. According to the Global Forum the main challenges in the second round of reviews related to ensuring the availability of beneficial ownership information.
The Global Forum is aiming to improve global tax transparency, curtail banking secrecy and reduce opportunities for tax evasion. A set of international tax transparency standards has been developed and the Forum is monitoring their implementation by its members.
