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African Nations Join OECD Tax Transparency Initiative

by Lorys Charalambous, Tax-News.com, Cyprus

19 October 2012


The Organization for Economic Cooperation and Development (OECD) has welcomed Burkina Faso and Cameroon to the Global Forum on Transparency and Exchange of Information for Tax Purposes.

As 112th and 113th members of the Global Forum they will participate in the peer review process which encourages all countries to adopt effective exchange of information in tax matters.

“We are delighted to welcome Burkina Faso and Cameroon as new Global Forum members”, said OECD Secretary-General Angel Gurria. “They are now among the jurisdictions directly involved in the international effort to make tax systems worldwide transparent and fair to all. Following their lead and that of other African countries, we look forward to continue strengthening international and regional cooperation in Africa. Domestic resource mobilization through a transparent and effective tax system is a key element for successful development policies.”

The Global Forum’s aim is to ensure that all jurisdictions adhere to the same standard of international cooperation in tax matters and governments come together to fight and prevent tax evasion.

Consistently supported by G-20 leaders, the Global Forum has, since 2010, published 79 peer review reports containing 495 recommendations to help jurisdictions improve their cooperation in tax matters. As a result, more than half of the countries reviewed have already introduced or proposed changes to their laws. The Global Forum recently launched Phase 2 of its review process, which will examine the effectiveness of countries' tax information exchange frameworks in practice.

The next meeting of the Global Forum is scheduled for October 26-27 in Cape Town, South Africa.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | Burkina Faso | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | Cameroon | International Organisation | mutual assistance agreement

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