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 rates Lesotho as overall Largely Compliant with the international standard. Lesotho’s legal and regulatory framework overall requires availability, access and exchange of all tax relevant information in accordance with the international standard. Nevertheless, information of all holders of share warrants and accounting records for trusts, mainly those that are not carrying business or subject to tax in Lesotho, might not always be available in Lesotho. In addition, the Phase 2 report identifies room for improvement concerning the enforcement of the legal obligations to ensure the availability of ownership and identity information, accounting records and underlying documentation and banking information for all account holders. Since exchange of information remains relatively new in Lesotho, Lesotho should continue to monitor the practical implementation of the organisational processes of its exchange of information unit. For further information on the exchange of information practice of Lesotho and to read the full report click here.