On 4 April 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published peer review reports on nine countries. The reports assess the countries’ compliance with the agreed international standards in relation to tax transparency.
The Global Forum now has 150 member countries and 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 the implementation of the standards by its members.
In respect of Estonia, France, Monaco and New Zealand the reports resulted in a rating of “compliant”. In the case of three other jurisdictions – the Bahamas, Belgium and Hungary – the rating was “largely compliant”. The rating given to Ghana was “partially compliant”. All these reports assessed the countries taking into account the updated international standards requiring the provision of information on beneficial ownership of all legal entities and arrangements.
A supplementary report was issued in relation to Jamaica giving it a rating of “largely compliant”.
