The Faroe Islands joins the Global Forum on Transparency and Exchange of Information for Tax Purposes
16/01/2017 – The Faroe Islands has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 138th member. Its membership reinforces its commitment to implement both the international standard of exchange of information on request and the standard of automatic exchange of financial account information with the Faroe Islands committed to first exchanges in 2017.
Faroe Islands is now part of the international community in the fight against tax avoidance and evasion and will be working closely with all members of the Global Forum as well as the Global Forum Secretariat to reach its goals in implementing the standards on exchange of information on request and automatic exchange of financial account information.
The Global Forum's aim is to ensure that all jurisdictions adhere to the same high standard of international co-operation in tax matters. This is done through a robust monitoring and peer review process which the Faroe Islands will also be subject to.
Maria José Garde, the freshly elected new Chair of the Global Forum, said “I am delighted to welcome the Faroe Islands as a new Global Forum member and see that the Global Forum membership keeps growing which is strenghening the international efforts to make tax systems worldwide transparent and fair to all.”
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