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Today’s Top Headlines

Mexico Praised For Tax Transparency

by Mike Godfrey,, Washington

19 August 2014

Mexico was the only country to be rated fully compliant with international tax transparency standards out of ten jurisdictions that were issued ratings by the Organisation for Economic Cooperation and Development (OECD) on August 8, 2014.

The OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes reviewed exchange of information practices through Phase 2 peer review reports in the ten jurisdictions and allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating.

Five jurisdictions – Andorra, Anquilla, Antiqua and Barbuda, Indonesia and Saint Lucia – received an overall rating of "Partially Compliant." Four others – Chile, the Former Yugoslav Republic of Macedonia, Montserrat and St. Kitts and Nevis – received an overall rating of "Largely Compliant."

The Global Forum noted in its Phase 2 Peer Review Report for Mexico that the country has signed double tax conventions (DTCs) and taxation information exchange agreements (TIEAs) with 72 jurisdictions. The large majority of these are currently in force and allow Mexico to exchange information to the internationally agreed standard.

The report also noted that the Convention on Mutual Administrative Assistance in Tax Matters and its protocol have been in force in Mexico since September 1, 2012, allowing the country to exchange information with up to 79 jurisdictions.

In addition, Mexico is in advanced stages of negotiation of DTCs and TIEAs with further jurisdictions, mostly Global Forum members, the report said.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | Chile | Montserrat | Saint Lucia | Organisation for Economic Co-operation and Development (OECD) | Mexico | agreements | Indonesia | standards | Andorra | Macedonia | Tax

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