In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on November 04, 2016
The Phase 2 review of Dominica resulted in a rating of Partially Compliant with the international standard. Although Dominica’s legal framework ensures the availability of ownership and identity information with respect to most domestic and foreign entities and arrangements, Dominica is lacking in supervision and enforcement of such obligations. The report also identified significant deficiencies with respect to the availability of accounting information. Dominica is thus recommended to ensure that all entities and arrangements are required to retain accounting records, including underlying documentation, for at least five years and are subject to adequate oversight. The Phase 2 report further noted potential issues with the protection of confidential information exchanged under Dominica’s agreements. Dominica is recommended to ensure that EOI staff are sufficiently aware of exchange procedures and all legal provisions in place to protect sensitive information. For further information on Dominica’s legal and regulatory framework in the field of transparency and exchange of information and its implementation in practice please access the full report here.