On 30 July 2019, the Global Forum on Transparency and Exchange of Information for Tax Purposes announced that it has published nine outcomes of the second round of a new and enhanced peer review process (Link). These processes are aimed at assessing compliance with international standards for the exchange of information upon request between tax authorities.
Five jurisdictions – Costa Rica (Link), Croatia (Link), Lebanon (Link), Malaysia (Link), the Federated States of Micronesia (Link) and Nauru (Link) – received an overall rating of “Largely Compliant”. Two others – Botswana (Link) and Vanuatu (Link) – were rated “Partially Compliant” and one – Guatemala (Link) – was rated “Non-Compliant”.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. This objective is achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive technical assistance program to provide support to its members in implementing the standards and helping tax authorities to make the best use of cross-border information sharing channels.
Additional information on the Global Forum, its peer review process, and all reports to date can be found on the OECD’s website (Link). For further information, journalists should contact Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration, (+33 6 2630 4923) or Dónal Godfrey, Deputy Head of the Global Forum Secretariat (+33 1 4524 8743).