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Antigua And Barbuda Addresses OECD Concerns

by Phillip Morton, Investors Offshore.com

30 November 2011


The government of Antigua and Barbuda is due to undertake amendments to the island's legal framework for tax information exchange to address deficiencies highlighted in the latest phase-one assessment from Organization of Economic Cooperation and Development members.

Within its first phase assessment the group monitors nine elements of a country’s legal and regulatory framework, including availability of ownership and identity information, accounting records, and banking information. The second phase evaluates the mechanisms for effective information exchange.

The first phase of the review found that six of the nine assessed elements were in place in Antigua and Barbuda. However members urged enhancements to the territory's legal and regulatory framework dealing with accounting records, access powers and the effectiveness of exchange mechanisms.

The territory's government said legislation before the country's legislative assembly would facilitate corrective action for completion of phase one of the review.

Antigua and Barbuda has an expansive network of Tax Information Exchange Agreements, with a total of thirty-one countries.

TAGS: tax | offshore confidentiality | tax information exchange agreement (TIEA) | law | accounting | banking | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | offshore | legislation | Antigua and Barbuda

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