PARIS, JUNE 14, 2010: THE
latest to
join the growing bandwagon of countries substantially implementing the
internationally agreed tax standard are Brazil and Indonesia. The Global Forum
on Transparency and Exchange of Information for Tax Purposes, was recently
informed that Brazil has signed more than 25 bilateral tax treaties that provide
for exchange of information in tax matters. Indonesia has signed 53 agreements
to meet standards. Both the countries joined the Forum last
September.
The
OECD said it had updated its progress report, first issued in conjunction with
the G20 London summit in April 2009, to take account of communications from
Brazil and Indonesia on their legal and regulatory frameworks for exchange of
information.
A
full description of the two countries’ legal and regulatory frameworks will be
included in the Global Forum’s 2010 annual assessment to be published later this
year. As with all members of the Global Forum, both countries will undergo peer
reviews of their exchange of information laws and practices, Brazil in 2011 and
2012 and Indonesia in 2011 and 2013. Brazil is a member both of the Forum’s
Steering Group and of its Peer Review Group.
Since
April 2009, more than 500 bilateral tax information exchange agreements have
been signed worldwide, with 28 jurisdictions joining those ranked as having
substantially implemented the internationally agreed standard.
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