Global Forum on Transparency and Exchange of Information for Tax Purposes › Liberia expands its network for international exchange of tax information
01/03/2011 – The Republic of Liberia has signed an agreement allowing for exchange of tax information with Ghana on Friday, 24 February 2011. Liberia had previously signed 11 such agreements – including agreements with the Nordic economies, France, the Netherlands, the United Kingdom and Portugal. Liberia’s signing with Ghana brings their total to 12 agreements that meet the internationally agreed tax standard. Liberia has been participating in the OECD’s multilateral TIEA negotiation program since early in 2010, and has also actively pursued its own schedule of negotiations. Liberia’s signing with Ghana is an important step towards bringing greater co-operation on the African continent. Liberia has also concluded negotiations for agreements with a number of other partners that it hopes to sign shortly.
For the purposes of the progress report on the implementation of the standards, jurisdictions having signed at least 12 agreements that meet the internationally agreed tax standard are considered to have substantially implemented that standard. Accordingly, Liberia now moves into the substantially implemented category, becoming the 34th jurisdiction to do so since the progress report was first issued in April 2009.
Liberia is a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes and will undergo a review of its legal and regulatory framework for information exchange later this year.
Pascal Saint-Amans, Head of the Global Forum Secretariat at the OECD’s Centre for Tax Policy and Administration, said, “Liberia has made great progress in a short period. They are clearly committed to this process and are setting a good example in Africa.”