Sixteen States' Tax Transparency Frameworks Reviewed
by Jason Gorringe, Tax-News.com, London
04 November 2015
Sixteen peer review reports were released at the recent plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes on October 29-30, 2015.
The release of the reports follows reviews of those territories' legislation for the exchange of tax information and their frameworks for the exchange of tax information in practice.
Favorable Phase 1 reports, looking at their respective legal frameworks, were released for Azerbaijan, Gabon, Romania, and Senegal, enabling them to move to Phase 2. Phase 2 reports, which assess how information is exchanged in practice, included a "compliant" rating for Colombia, "largely compliant" ratings for Latvia and Liechtenstein, and 'partially compliant" ratings for Costa Rica and Samoa.
A number of supplementary reviews were also published. Brunei Darussalam, Dominica, and Panama, which were blocked from progressing to Phase 2, have now made sufficient progress in amending their domestic legislation.
Cyprus, Luxembourg, and the Seychelles had previously been rated "non-compliant." Following significant changes to their legal frameworks or practices, they have been assigned a new rating of "largely compliant."
For the next round of reviews in 2016, the Global Forum will use new international standards that will require territories to increase transparency surrounding the beneficial ownership of all legal entities.
To see today's news, click here.
Tax-News Reviews

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

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

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

A review of the latest budget news and government financial statements from around the world.
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 »
Network Blogs and Features
- Multilateral Moves Ongoing »
- EU Advances On Trade And Tax »
- Budgets Are Go... »
- How a virtual office can help your Hong Kong small business? »
- COVID Campaigns Continue »
- US Occupies Center Stage »
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »