On August 21, 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) published the first 10 outcomes of a new and enhanced peer review process aimed at assessing compliance with international standards for the exchange of information on request between tax authorities. It is interesting to see that in this peer review process Ireland, Mauritius and Norway have outperformed jurisdictions like a.o. Australia, Canada and Germany.

 

The new round of peer reviews – launched in mid-2016 – follows a six-year process during which the Global Forum assessed the legal and regulatory framework for information exchange (Phase 1) as well as the actual practices and procedures (Phase 2) in 119 jurisdictions worldwide.

 

The Global Forum’s new peer review process combines the Phase 1 and Phase 2 elements into a single undertaking with new focus on an assessment of the availability of and access by tax authorities to beneficial ownership information of all legal entities and arrangements, in line with the Financial Action Task Force international standard.

 

The Global Forum reviewed exchange of information practices through combined peer review reports in ten jurisdictions. These ten jurisdictions received the following overall ratings:

·   Ireland: Compliant;

·   Mauritius: Compliant;

·   Norway: Compliant;

·   Australia: Largely Compliant;

·   Bermuda: Largely Compliant;

·   Canada: Largely Compliant;

·   Cayman Islands: Largely Compliant;

·   Germany: Largely Compliant;

·   Qatar: Largely Compliant; and

·   Jamaica: Partially Compliant,”(leading the Global Forum to launch a supplementary report on follow-up measures to ensure a higher level of compliance).

 

Global Forum members are working together to monitor and review implementation of the international standard for the automatic exchange of financial account information, under the Common Reporting Standard (CRS), which will start in September 2017. The monitoring and review process is intended to ensure the effective and timely delivery of commitments made, the confidentiality of information exchanged and to identify areas where support is needed.

 

 

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