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Global Tax Forum adopts nine peer review reports, taking total to 79
By TII News Service
Jun 21, 2012 , New Delhi |
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THE Global
Forum has adopted nine new peer review reports and three supplementary reports.
This brings to 79 the total number of reports adopted, with a further 17
reviews under way. The focus will now shift to exchange of information in
practice with the launch of Phase 2 reviews and steps to improve co-operation
amongst Competent Authorities.
The recently adopted peer review reports on Cook Islands, Liberia, Lebanon,
Grenada, Montserrat, Saint Lucia, and United Arab Emirates describe each jurisdictions
rules for ensuring that information is available to the tax authorities, how
such information can be accessed by the authorities and the mechanisms in place
to exchange information with foreign tax authorities. The reviews of the People’s
Republic of China and Greece consider in addition whether the jurisdictions
exchange information effectively in practice. The reviews also identify deficiencies
and make recommendations on how to address them.
The three supplementary reports – for Antigua and Barbuda, Estonia, and the
Seychelles – assess the changes to legislation that these jurisdictions have
made to address recommendations made by the Global Forum in their Phase 1 reviews.
Deficiencies identified in the reports include the lack of available ownership
information as regards foreign trusts and bearer shares; incomplete accounting
information for some forms of companies, trusts and partnerships, including
foreign or international entities; and some limitations to access information,
including bank information or information protected by professional secrecy.
In the case of Lebanon, Liberia and United Arab Emirates, the Global Forum
considered that the deficiencies in their legal framework are sufficiently
significant so as to prevent them from moving to the next stage of the review
process, until these deficiencies are addressed.
The supplementary reviews show that the legal and regulatory framework for
transparency and exchange of information of all the three jurisdictions has
improved. As a result of their supplementary report, Antigua and Barbuda, and
Seychelles, which were previously prevented from moving to Phase 2 of their
review process can now do so.
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