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. Sixteen States' Tax Transparency Frameworks Reviewed

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.

TAGS: compliance | tax | offshore confidentiality | tax compliance | Brunei | tax avoidance | banking | Colombia | Latvia | Liechtenstein | Luxembourg | Samoa | offshore | agreements | legislation | offshore banking | Azerbaijan | Costa Rica | Cyprus | Dominica | Gabon | Senegal | standards | Panama | Seychelles | Tax

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.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







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 »