STEPPING up their fight against international
tax evasion and bank secrecy, members of the Global Forum on Transparency
and Exchange of Information for Tax Purposes have issued 9 new peer review
reports.
The reports on Hungary, the Philippines, Singapore and Switzerland focus
on the legal framework for transparency and exchange of tax information.
Those for the Isle of Man, Italy, France, New Zealand and the United States
so also cover the exchange of information in practice. More details on each
country’s
report are provided below.
The reports describe 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. They also
identify deficiencies and make recommendations on how these jurisdictions can
improve their co-operation in international tax matters.
The most common deficiencies identified in the reports relate to: the lack
of available information on persons that are represented by nominees and on
foreign companies; incomplete accounting information for some forms of limited
liability companies and partnerships; slow responses by requested countries.
Jurisdictions follow up on Global Forum recommendations
The majority of the jurisdictions previously reviewed say they have changed
their domestic legislation following Global Forum recommendations. Some of
the substantial reforms include:
+ Belgium
passed a law ending bank secrecy for exchange of information purposes;
+ The
Cayman Island has ensured that offshore entities now have to keep appropriate
accounts;
+ Ghana
has proposed legislation to expand ownership information requirements in
relation to companies and trusts; and commenced negotiations to extend its
network of information exchange agreements;
+ San
Marino’s authorities
will now be able to access all relevant information for both civil and criminal
tax matters; and it has strengthened disclosure obligations relating to beneficial
ownership of companies and trusts.
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