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THE meeting of the Global Forum on Transparency and Exchange of
Information for Tax Purposes last week adopted a Progress Report on 59 completed
peer reviews; agreed on guidelines for the coordination of technical aid and
decided to convene to focus on efficacy of exchange of information. It was
attended by delegated from 85 tax jurisdictions and Seven international
organisations.
Members of the Global Forum also adopted and
published a new set of 18 peer review reports, including 7 supplementary
reports, bringing to 66 the number of reports completed since March
2010.
Reports on Brunei Darussalam, the Former Yugoslav Republic of
Macedonia, Gibraltar, Hong Kong (China), Indonesia, Macao (China), Malaysia,
Uruguay and Vanuatu focus on their legal frameworks which allow for transparency
and international exchange of information. The reviews of Japan, Jersey, the
Netherlands and Spain consider in addition these jurisdictions’ exchange of
information in practice.
The five supplementary reports – for Mauritius,
Monaco, San Marino, the Turks and Caicos Islands, and the Virgin Islands
(British) – assess the changes to legislation that these jurisdictions have made
to address recommendations made by the Global Forum in previous
reviews.
The reports describe each jurisdiction’s rules for ensuring that
information is available to the tax authorities, how it can be accessed by
authorities and the mechanisms in place to exchange information with foreign tax
authorities. They also identify deficiencies and make recommendations on how to
address them.
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