On July 26, 2016 the Global Forum on Transparency and Exchange of Information for Tax Purposes (Hereafter: the Global Forum) announced that Egypt has joined the Global Forum. By doing so Egypt became the 135th member of the Global Forum.

 

The Global Forum is a multilateral framework within which work on transparency and exchange of information for tax purposes has been carried out by both OECD and non-OECD economies since 2000. Since its restructuring in 2009, the Global Forum has become a key international body working on the implementation of the international standards on tax transparency. The Global Forum aims to ensure that these high standards of transparency and exchange of information for tax purposes are in place around the world through its monitoring and peer review activities.

 

There are two internationally agreed standards on exchange of information for tax purposes:

·   Exchange of Information on Request;

·   Automatic Exchange of Information.

 

As per July 26, 2016 the Global Forum currently has 135 members. All member jurisdictions of the Global Forum have committed to implementing the international standard on Exchange of Information on Request. The Global Forum conducts assessments of compliance with this standard, according to the elements set out in its Terms of Reference.

 

In addition, more than 90 countries and jurisdictions have committed to implementing the new standard on Automatic Exchange of Information. Work is currently underway to implement this Automatic Exchange of Information Standard, with the first exchanges occurring on a very ambitious timeline of 2017 and 2018.

 

 

Copyright – internationaltaxplaza.info

 

 

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