Global Forum on Transparency and Exchange of Information for Tax Purposes › Vanuatu expands its network for international exchange of tax information
20/6/2011 – Vanuatu has recently signed an agreement allowing for exchange of tax information with Ireland, bringing its total network of exchange of information treaties to 12 and moving it to the list of jurisdictions considered to have substantially implemented the internationally agreed tax standards.
Vanuatu had previously signed 11 such agreements – including agreements with the Nordic economies, France, and San Marino, as well as its neighbors in the region, Australia and New Zealand. Vanuatu has participated in the OECD’s multilateral TIEA negotiation program, and has also actively pursued its own schedule of negotiations. Vanuatu continues to develop its network of exchange of information agreements and has signed a number of agreements that now await signature by its treaty partners. It is also in the process of negotiating 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, Vanuatu now moves into the substantially implemented category, becoming the 35th jurisdiction to do so since the progress report was first issued in April 2009.
Vanuatu 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. Vanuatu is the first Pacific island nation to be reviewed by the Global Forum; others are scheduled for later this year and the beginning of 2012.