(March 16, 2015) 

On March 16, 2015 the OECD issued a press release stating that The Global Forum on Transparency and Exchange of Information for Tax Purposes published 9 new peer review reports, including a Phase 1 Supplementary Report for Switzerland.

According to the press release phase 1 reports on El Salvador and Mauritania assessed their legal and regulatory framework for transparency and exchange of information. Both countries will move to the next stage of the review process, which will assess  exchange of information practices during the first half of 2015.

The press release furthermore states that The Global Forum also reviewed exchange of information practices through Phase 2 peer review reports in six jurisdictions. It allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for each jurisdiction. Five jurisdictions – Aruba, Cook Islands, Hungary, Portugal and Uruguay - received an overall rating of “Largely Compliant.” Curaçao was rated “Partially Compliant.”

With respect to Switzerland the OECD’s press release states that Switzerland’s supplementary report assesses the improvements it has made to its legal framework and exchange of tax information mechanisms since the adoption of the Phase 1 report in 2011. Switzerland has introduced a new law on international administrative assistance, which specifically states that it is applicable to all Exchange of Information mechanisms. Switzerland has also updated its treaty network, by signing new bilateral agreements and  the Convention on Mutual Assistance in Tax Matters. According to the press release Switzerland currently has exchange of information mechanisms with 127 jurisdictions. 92 of these meet the international standard, and of these, 42 are currently in force. The press release furthermore states that Switzerland qualifies for a Phase 2 review, which will be launched in the second half of 2015.

Click below on the country of your choice to be directly forwarded to the related peer review report:

• El Salvador
• Mauritania
• Aruba
• Cook Islands
• Hungary
• Portugal
• Uruguay
• Curaçao
• Switzerland’s supplementary report

Click here to be forwarded to the OECD’s press release which contains links to the Peer Review Reports.

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