Global Forum launches an Induction Programme for the Faroe Islands for implementation of the international tax transparency standards
28/06/2018 - An Induction Programme for the Faroe Islands to participate in and benefit from the international advances in tax transparency and exchange of information was launched with the visit from the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) on 25 and 26 June 2018.
Mr. Hakim Hamadi, Tax Policy Advisor visited Tórshavn and met with senior leaders and officials including the Minister of Finance, H.E. Mrs. Kristina Háfoss, the Permanent Secretary of the Ministry of Finance, Mr. Bjarni Askham Bjarnason, the Head of the Tax Agency, Mr. Eyðun Mørkøre and the Director of the Company Registration Authority, Mr. Jógvan Thomsen. The authorities of the Faroe Islands confirmed their commitment to comply with the international standards in tax transparency.
The induction programme is designed to help new members of the Global Forum ensure a smooth implementation of the international standards and benefit from exchange of information in their fight against tax evasion.
The Faroe Islands which joined the Global Forum in January, 2017, will be reviewed against the standard of exchange of information upon request (EOIR) in 2019. The induction programme will enable the Faroe Islands to prepare their EOIR peer review. The Faroe Islands are also committed to automatic exchange of financial account information and have performed their first exchange in accordance with this standard in 2017.
During the visit a one-day sensitisation seminar was also held to raise awareness of 10 participants from various Government agencies on the international standards of transparency and exchange of information for tax purposes and their implications and opportunities for the Faroe Islands.
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