In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on August 03, 2015
Also available in: French
The legal and regulatory framework for the availability of information in Burkina Faso is generally in place. However, deficiencies have been identified regarding the availability of ownership information for bearer shares. A recent amendment to the legislation requires all securities including bearer shares to be dematerialised, but lacks clarity on the practical arrangements to ensure that the dematerialisation process will be effective for all shares during the transition period. Also, there are no enforcement measures to ensure the keeping of the share register by public limited companies and simplified joint-stock companies. The review recommends changes to address these. The Burkinabe tax administration has sufficient powers to gather information for the purpose of exchange with treaty partners; even if Burkina Faso does not have an interest in gathering such information for its own tax purposes. The report recommends improvements in the EOI network to ensure Burkina Faso has agreements to the standard with all relevant partners. Burkina Faso’s response to the recommendations made in this review, as well as the application of the legal framework and the implementation of the international standard in practice, will be considered in detail in the Phase 2 review of Burkina Faso, which is scheduled to commence in the fourth quarter of 2015. For further information on the exchange of information practice of Burkina Faso and to read the full report click here.