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Eight States' Tax Transparency Frameworks Reviewed

by Ulrika Lomas, Tax-News.com, Brussels

15 April 2020


The OECD Global Forum has released eight peer review reports, for Brunei, Macau, Switzerland, Barbados, the Seychelles, Liberia, Peru, and Tunisia, on the jurisdictions' efforts to adopt and comply with international tax standards on transparency and the exchange of tax-related information on request.

These reports evaluate jurisdictions against the updated international tax transparency standard, which requires beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force recommendations.

A peer review assessment of a jurisdiction's legal and regulatory framework and its implementation in practice results in one of four distinct overall ratings (a rating is allocated to a jurisdiction once it has undergone a full peer review):

Three jurisdictions – Brunei Darussalam, Macau (China) and Switzerland – received an overall rating of "Largely Compliant" for this second round of peer reviews. These ratings confirmed those issued after the first round of assessment (2010-16).

The overall rating of Barbados and the Seychelles was downgraded from "Largely Compliant" to "Partially Compliant" since their last reviews.

Three jurisdictions – Liberia, Peru and Tunisia – were undergoing their first full peer reviews as only their legal framework had been reviewed so far. The resulting reports rated Liberia as "Partially Compliant" while Peru and Tunisia both obtained a "Largely Compliant" rating.

TAGS: Foreign Account Tax Compliance Act (FATCA) | tax | Brunei | Liberia | FATCA | China | Macau | Peru | Switzerland | Tunisia | standards | Barbados | Seychelles | Compliance | Tax

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