OECD Update: Global Forum on Tax Transparency

If everything goes “according to plan”, a new “multilateral instrument”, among other things, may stem from all this work (see BEPS action 15 documents here).

From the OECD website we read:

Global Forum on tax transparency pushes forward international co-operation against tax evasion

30/10/2015 – Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders.

Significant strides towards a major increase in tax transparency have been made since last year when over 90 members of the Global Forum on Transparency and Exchange of Information for Tax Purposes committed to automatically exchange information, beginning in 2017 or 2018. Panama and the Cook Islands are the latest financial centers to join these commitments bringing the total number to 96. With these commitments, all major financial centers are now part of the efforts to enhance international tax cooperation. The timely and effective implementation of these commitments was a key theme during the Oct 29-30 meeting of the Global Forum held in Bridgetown, Barbados which brought together delegates from the Global Forum’s 128 member jurisdictions, as well as representatives of international organisations.

“The work of the Global Forum is key for Barbados and the Caribbean region,” said Donville Inniss, Barbados’ Minister of Industry, International Business, Commerce and Small Business Development, and Vice Chair of the Global Forum Steering Group. “Barbados was proud to host the 8th Global Forum meeting which is the kick-off to a new era of automatic exchange of information and tax compliance.”

With financial information set to begin to be collected from 1 January 2016 in around 50 jurisdictions, governments around the world are quickly changing their domestic laws to ensure financial institutions report information on financial assets held for non-residents.

The meeting marked 13 new signings of the Multilateral Competent Authority Agreement – Antigua and Barbuda, Barbados, Belize, Bulgaria, Cook Islands, Grenada, Japan, Marshall Islands, Niue, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten and Samoa – which strengthens the international operational framework for the exchanges and brings the total number of signatories to 74.”

See the complete communiqué here.

Robert Robillard, Ph.D., CPA, CGA, MBA, M.Sc. Econ.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca

The convergence of DRTP Consulting’s tax, accounting and economics expertise makes a difference. The information in this blog post is general information only. Data and information come from sources believed to be reliable but complete accuracy cannot be guaranteed. DRTP Consulting Inc. or the author are not responsible or liable for any error, omission or inaccuracy in such information. The opinions expressed in this blogpost are those of the author. Readers should seek advice and counsel from DRTP Consulting Inc. as required.

Posted by drtp On 3 November 2015