WITH Ghana, Georgia and Nigeria joining in the past few weeks, the Global Forum on Transparency has now 101 members and expects more countries to join soon.

In response to the G20 Leaders’ call for countries to adopt international standards of transparency and information exchange in tax matters, the Global Forum was established under the umbrella of the OECD. Its work is to ensure full tax cooperation, adoption of the international standards including exchange of bank information, among its members through an in-depth peer review mechanism. The Global Forum has published 18 peer review reports and will complete another 40 by the next G20 Summit in Cannes in November.

Noting that Ghana and Nigeria's decision to join the Global Forum is proof that they see international tax co-operation as a means to securing their tax bases, Mike Rawston, Forum Chair, said “The Global Forum has already delivered key progress with all its members committing to the international standards on tax transparency, including putting an end to bank secrecy for tax purposes. It is now time for the Global Forum to work with developing countries so that they too can benefit from the changed international environment.”

The Global Forum is an inclusive organisation with all countries on an equal footing. It is chaired by Australia, and China is the first vice-chair. The Plenary of the Global Forum will meet at the end of May in Bermuda.