TCI Makes Progress In Tax Transparency
The Turks and Caicos Islands is set to meet its obligations on tax transparency, the territory's Deputy Attorney General, Rhondalee Braithwaite-Knowles, said.
The deputy led a team of officials to a meeting of the Global Forum on Tax Transparency's Peer Review Group to consider the Phase 2 Assessment of the Islands and proposed ratings, a government press release revealed.
The Peer Review Group met in Paris, France, from October 01-09, 2013 to review each of the participating countries' assessment reports, including the proposed ratings for 50 countries, to ensure transparency and effective exchange of information.
The Global Forum Peer Review Process provides the TCI a mechanism to assess and confirm its compliance with the international standard for exchange of information regimes. Such independent assessments and confirmations serve to instill confidence for investment and business as a positive assessment demonstrates a well regulated regime.
By December 2013, the TCI will have a network of exchange of information arrangements covering 58 partners. TCI's participation in this process complements the UK's platform for greater transparency in relation to beneficial information transparency, and especially for the UK Crown Dependencies and Overseas Territories to shake off dated and inaccurate perceptions of them as "tax havens."
Through an in-depth peer review process, the Global Forum ensures that its members fully implement the standard of transparency and exchange of information they have committed to implement. It also works to establish a level playing field, even among countries that have not joined the Global Forum.
"We are very pleased with how the jurisdiction has performed during this process and we are pleased with the outcome," said Permanent Secretary of Finance, Athenee Harvey. "We received strong international validation of our regime. I would like to thank the entire TCI team, from both the public and private sectors, who have helped us reach this crucial stage.
Rhondalee Braithwaite-Knowles added: "The final step in the process is for the draft review reports and ratings to be circulated to the Global Forum for written adoption. During this time, the documents and outcome from the Peer Review Group remain confidential and subject to final adoption. The formal adoption of the Phase 2 report and ratings of the TCI will be announced in November after the next meeting of the Global Forum set for Jakarta, Indonesia."
The Global Forum now has 120 members on equal footing and is the premier international body for ensuring the implementation of the internationally agreed standards of transparency and exchange of information in the tax area.