CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Concrete Actions Needed To Advance Global Tax Transparency: OECD

Concrete Actions Needed To Advance Global Tax Transparency: OECD

by Ulrika Lomas, Tax-News.com, Brussels

15 April 2016


The international community should call time on those territories that have yet to implement internationally agreed tax transparency standards, the OECD Secretary-General, Angel Gurría, said in a new report to the G20.

The report, delivered to G20 Finance Ministers on April 14, 2016, pointed out that a number of jurisdictions have yet to properly implement frameworks for the exchange of tax information on request, first agreed in 2009. It also noted that a number of others have refused to commit to the new standard for automatic exchange scheduled to go into effect in 2017-18.

"Our standards on tax transparency are robust," Gurría said. "They need to be effectively implemented worldwide, by everyone, with no exceptions, so there's nowhere left to hide."

The OECD Secretary-General's report proposes that the G20 should take additional steps to ensure that all countries and jurisdictions immediately endorse and implement all global standards devised and implemented by the Global Forum on Transparency and the Exchange of Information for Tax Purposes.

The first priority is ensuring full implementation of the existing standard on Exchange of Information on Request, in time for the G20 Leaders Summit in 2017, according to a statement from the OECD. At present, eight jurisdictions still do not have sufficient legal and regulatory frameworks in place, and, as a result, are blocked from completing Phase 1 of the peer review process. A further six jurisdictions are only now being examined as part of Phase 2 of the review process, which assesses the actual effectiveness of information exchange on request.

Twelve additional jurisdictions are rated as only being "partially compliant" at the conclusion of their Phase 2 reviews.

The OECD said that 98 jurisdictions have already committed to the Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI) adopted by the G20 in 2014 and set to come into effect over the 2017-18 period, most recently Nauru and Vanuatu. However, two financial centres – Panama and Bahrain – have yet to do so.

The OECD Secretary-General urged the G20 to demand that all jurisdictions commit to AEOI and honor existing commitments to implement AEOI by the agreed timelines. He also suggested that G20 members further consider the development of defensive measures against non-compliant jurisdictions.

The OECD report said further progress is needed on the implementation of beneficial ownership identification rules. The OECD Oslo Dialogue – an inter-government effort to fight tax crime and illicit financial flows – should be mandated to devise new recommendations to strengthen effectiveness of inter-agency and cross-border co-operation, it said.

TAGS: Nauru | compliance | Finance | tax | tax information exchange agreement (TIEA) | tax compliance | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Bahrain | Vanuatu | G20 | standards | Panama | Tax | Tax Evasion

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »