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Global Forum on Transparency and Exchange of Information for Tax Purposes: Dominican Republic 2019 (Second Round)

Peer Review Report on the Exchange of Information on Request

In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles

Published on November 12, 2019

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This report contains the 2019 Peer Review Report on the Exchange of Information on Request of the Dominican Republic.

Summary of the report:


The Global Forum rated the Dominican Republic overall Largely Compliant with the international standard of transparency and exchange of information on requests handled over the period from 1 April 2015 to 31 March 2018. The Dominican Republic has made significant progress in addressing the deficiencies identified in its previous report published in 2016, most importantly by phasing out bearer shares, putting in place an effective oversight system for entities that failed to register with the tax administration and a new procedure to timely access banking information. This new report acknowledges these progresses and further recommends the Dominican Republic to appropriately supervise inactive companies. The Dominican Republic has also strengthened its Anti-Money Laundering framework in order to ensure that beneficial ownership information is available in line with the standard. Practical implementation of these new obligations requires further monitoring. The Dominican Republic faced difficulties in answering the eleven requests received effectively, but procedural changes made in 2016 have resulted in timely responses for recent requests. The Dominican Republic is encouraged to continue this way.

 

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