14//03/2016 - The world’s leading forum on tax transparency published 10 new peer review reports today, pointing to ever-increasing compliance with the internationally-recognised standards to curb tax evasion through the exchange of information.
The new reporting from the Global Forum on Transparency and Exchange of Information for Tax Purposes demonstrates growing worldwide compliance with the international standard for exchange of information on request and deep engagement to push forward transparency objectives of the group, which brings together 132 countries and jurisdictions on an equal footing to tackle offshore tax evasion.
The Global Forum published Phase 1 reports on Croatia and Tunisia, which assessed their legal and regulatory frameworks for transparency and exchange of information on request. These countries were assessed to have legal frameworks in place to enable them to move to Phase 2 of the review process, which will assess exchange of information practices.
Eight new Phase 2 reviews of exchange of information practices - for Botswana, El Salvador, Georgia, Kenya, Mauritania, Nigeria, Niue and Saudi Arabia - were also published by the Global Forum. It allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating for each jurisdiction which is “Largely Compliant.”
The Global Forum has now completed 225 peer reviews and assigned compliance ratings to 94 jurisdictions that have undergone Phase 2 reviews. The first round of reviews for all member jurisdictions will be completed by the end of 2016, as required under a 2009 mandate that governs the peer review process.
In a demonstration of the increasing relevance of its work and its reach, three new members joined the Global Forum in 2016 - Guyana, Chad and Maldives.