Having reviewed the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Panama and Qatar, the Global Forum's first phase review report has described each jurisdiction’s rules for ensuring that information is available, how it can be accessed by competent authorities and the mechanisms in place to exchange the information with foreign tax authorities.Eighty members of the Global forum met in Singaporeon 29-30th Septemebr and adopted the first 8 peer review reports.

The reports include recommendations on how these jurisdictions can improve their co-operation in international tax matters. The deficiencies identified commonly related to access to information including information on nominees, trusts and the need to maintain good accounting records. No deficiency has been found for India though.

A second stage of the reviews, examining the eight countries’ exchange of information practices, will take place by 2012. Botswana and Panama will have to adequately address the phase 1 recommendations before proceeding to a phase 2 review.

The Chair of the Global Forum, Mike Rawstron of Australia, said at the end of the meeting: “Jurisdictions are taking the standards seriously. These reports show that this is not just a numbers game, it is about having in place a legal and regulatory framework which enables an effective exchange of information.”

More than 100 jurisdictions and observers are now part of the Global Forum, with Botswana, Jamaica and Kenya welcomed as the newest members this week. All these jurisdictions, as well as others identified by the Global Forum as relevant to its work, are participating in reviews of their systems for the international exchange of information in tax matters.

Interestingly, although Mauritius was included in the first half of 2010 in the schedule of reviews,no peer review report has been made available as yet.