The Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting from 2 to 4 November 2016.
Peer Reviews
The Global Forum is responsible for in-depth monitoring and peer review of the extent to which the standards on transparency and exchange of information for tax purposes has been implemented in each country.
The first round of the peer review process has recently been completed. The first round aimed to assess the level of compliance of countries with the international standard for exchange of information on request (EOIR). Some jurisdictions received ratings indicating that their provisions on EOIR are less than satisfactory and many of these have already taken steps to implement recommendations made during the course of the peer review process. An example given by the Global Forum is that Panama has amended legislation; reorganized its competent authority; and signed the Convention on Mutual Administrative Assistance in Tax Matters.
The Global Forum has agreed on a fast track review procedure so that by mid 2017 it can assess the changes made in various jurisdictions and identify the progress made.
The second round of peer reviews has already begun. This round is to include assessment of access by tax authorities to beneficial ownership information of legal entities and other arrangements.
Automatic exchange of information
The meeting noted the progress made in implementing the standard for automatic exchange of information. Almost all the jurisdictions that committed to exchanging information in 2017 are ready for the information exchange. In the case of jurisdictions that committed to exchanging information from 2018 there is also some progress but some issues still remain. The meeting agreed to tighter monitoring of important milestones and support for implementation. The Forum also agreed on governance arrangements for a Common Transmission System.
The Global Forum reaffirmed its commitment to help developing country members in meeting the international standards on transparency and in moving towards implementation of the standard on AEOI.
