In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on March 14, 2016
The Phase 2 review rates Niue as overall largely compliant with the international standard. Requirements to maintain ownership, identity, accounting and bank information broadly meet the international standard and Niue’s competent authority had adequate access powers. Some deficiencies have nevertheless been identified in Niue’s legal framework and the oversight of Niue’s authorities with respect to availability of ownership and accounting information under certain circumstances. However, the materiality of these deficiencies is limited as this stage, as Niue does not appear to have a functioning international financial centre and there are currently less than one hundred legal entities incorporated or carrying on a business in Niue. Niue has not received any requests for exchange of information in the three year period under review. Niue has nonetheless enacted processes and procedures to deal with exchange of information and sensitized government officials on how to handle requests. Niue has recently signed the Convention on Mutual Administrative Assistance in Tax Matters, which will allow Niue to exchange information with a large number of jurisdictions once the Convention is ratified and in force in Niue. For further information on Niue’s exchange of information practices and to read the full report click here.