On November 2-4, The Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting in Tbilisi, Georgia. The meeting marked the completion of the first round of the Forum’s peer review process.
The meeting involved 220 delegates from 84 jurisdictions and 12 International organizations. The Forum released 17 new reports assessing the level of compliance with the international standard for exchange of information on request (EOIR). The following reports have been made available:
The Marshall Islands, one of the jurisdictions with low ranking, agreed to its report but highlighted recent progress made. Panama reminded the group of recent significant action taken, both in terms of amending legislation, reorganizing its competent authority and signing the Multilateral Competent Authority Agreement (MCAA). Trinidad and Tobago also informed the members of their intention to address outstanding issues at the earliest.
A second round of peer reviews now underway will include an assessment of the availability of and access by tax authorities to beneficial ownership information of all legal entities and arrangements. The OECD also noted that in the margins of the Global Forum meeting, Saudi Arabia and Uruguay took an important step in information exchange by signing the MCAA.
Sources: OECD - Press Release
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