Information Exchange latest news

Recently and backing G20 and Global Forum efforts to strengthen tax cooperation and stamp out cross-border tax evasion, a peer review reports assessing the tax systems of 13 jurisdictions for information exchange has been released by the Global Forum on Transparency and Exchange of Information for Tax Purposes. All the reports assess the jurisdictions’ commitment to the international standard for tax information exchange.

Most of these reviews will feed into the ratings assigned to 50 jurisdictions in November of year 2013. They will include a further 9, currently under adoption, “Phase 2” reports expected. Each jurisdiction will receive ratings for various separate elements of the international standard and an overall rating, starting from the most satisfactory – “compliant,” then “largely or partially compliant” to a “non-compliant.”

Further the 11 reports of “Phase 2” will review the exchange of information practices in such jurisdiction as Austria, Bermuda, Brazil, British Virgin Islands, India, Luxembourg, Malta, Monaco, Qatar, San Marino and The Bahamas.

The he Global Forum on Transparency and Exchange has reviewed already 98 jurisdictions so far. The pressure has been applied on all jurisdictions to ensure implementation of the standards and to co-operate effectively in tax information exchange.

Source: Tax News