ON the occasion
of the Global Forum meeting, the Czech Republic, Malta and New Zealand signed
the Convention on Mutual Administrative Assistance in Tax Matters, following the
signature by Romania earlier this month. Lithuania, Nigeria, Gabon, Kazakhstan
and Latvia signed letters of intent to sign the Convention and such letters had
earlier been received from Albania, Belize, Estonia, Morocco and Niue.
The
Multilateral Convention on Mutual Administrative Assistance in Tax Matters is a
powerful tool that reinforces international cooperation to target tax evasion
and avoidance by both individuals and corporations.
In
less than two years time after the amendment to the Convention responding to a
call from the G 20 more than 50 countries have either become signatories or have
stated their intention to do so.
The
Forum's Peer review report of South Africa, one of the most active jurisdictions
in the work towards transparency and exchange of information, finds the
country's legal framework and practices to be in accordance with the
internationally agreed standard.
The
importance of the Global Forum's work in the region is highlighted by the
election of its new Chair, Mr Kosie Louw from South Africa. The work of the
Global Forum is significant for South Africa and the African region where Tax
evasion is a barrier to development, growth and healthy societies.
Nine Peer Review Reports Adopted and Three Supplementary Reports
The
Global Forum has adopted an additional 7 Phase 1 reports (Dominica, Marshall
Islands, Niue, Russia, Samoa, Sint Maarten and Slovenia), 2 combined reports
(Argentina and South Africa) and 3 Supplementary reports (Liechtenstein, Monaco
and Uruguay). As a result of the Supplementary reports, the Global Forum has
determined that Liechtenstein and Uruguay can now move to a Phase 2 review.
With
88 jurisdictions already reviewed, the Global Forum is reaching the end of the
Phase 1 reviews. The stand-alone Phase 2 reviews, which examine whether
countries are enforcing their tax-related legislation, were launched in the
second quarter of 2012. These reviews will provide in-depth investigations into
the procedures and resources available for the exchange of information .The
first stand-alone Phase 2 reviews will be published in 2013 and more than 50
Phase 2 reviews will be completed by the end of the same year
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