Thursday, August 15, 2013

Global Forum Released Reports on Information Exchange in BVI and Other 12 Jurisdictions

According to the Tax-news, Global Forum on Transparency and Exchange of Information for Tax Purposes issued peer review reports assessing tax systems of thirteen countries, including BVI, for information exchange. These reviews are to become part of the ratings of 50 jurisdictions, in compliance with G20 and Global Forum efforts to strengthen tax cooperation.

All the reports assess the commitment of the jurisdictions to the international requirements for tax information exchange. Of these 13 reports, 11 are “Phase 2” reports covering the exchange of information in Austria, Bermuda, Brazil, British Virgin Islands, India, Luxembourg, Malta, Monaco, Qatar, San Marino and The Bahamas. Two are “Phase 1” reports, concerning Israel and Lithuania, looking at the legal and regulatory framework for transparency and exchange of information. 

The Chair of the Global Forum Kosie Louw, of the South African Revenue Service, welcomed the reports noting: "The Global Forum is applying pressure on all jurisdictions to implement the standard and co-operate effectively in tax information exchange. The publication of the ratings later this year will be a crucial moment for all those committed to fighting cross-border tax evasion."

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