Global Forum moves towards automatic exchange of tax information and transparency
The international community has taken new steps to strengthen transparency and boost the comprehensive exchange of information between governments worldwide Members of the Global Forum on Transparency and Exchange of Information for Tax Purposes took significant steps during a 21-22 meeting in Jakarta, Indonesia to implement a global call for greater international co-operation against tax evasion.
One of them was publication of new compliance ratings for 50 countries and jurisdictions on practical implementation of the Global Forum’s information exchange standard.
According to the rating, 18 jurisdictions are rated Compliant, 26 jurisdictions are rated Largely Compliant, 2 jurisdictions are rated Partially Compliant and 4 jurisdictions (British Virgin Islands, Cyprus, Luxembourg and the Seychelles) are rated Non-Compliant. 14 additional jurisdictions were not given compliance ratings, pending further improvements to their legal and regulatory frameworks for exchange of information in tax matters.
During the Jakarta meeting, six new countries become members of the Global Forum: Azerbaijan, Dominican Republic, Lesotho, Romania, Senegal and Ukraine.