Global Forum moves towards automatic exchange of tax information and transparency
Members of the Global Forum on Transparency and Exchange of Information for Tax Purposes took significant steps during a meeting in Jakarta, to implement a global call for greater international co-operation against tax evasion, the OECD reports.
The actions taken during the meeting include:
• Publication of new compliance ratings for 50 countries and jurisdictions on practical implementation of the Global Forum’s information exchange standard.
• Establishment of a new Automatic Exchange of Information (AEOI) Group, open to all interested countries and jurisdictions, to prepare the move towards AEOI implementation, of which Italy was elected chair.
• Agreement for further work aimed at strengthening the definition of beneficial ownership and the availability of this type of information.
• Agreement that the Forum continue monitoring implementation of the transparency and information exchange standard, while further developing its Terms of Reference and review processes.
The Global Forum brings together 121 countries and jurisdictions for wide-ranging discussions on transparency and exchange of information. Its sixth meeting attracted more than 200 delegates from 86 member jurisdictions and 11 international organisations. During the Jakarta meeting, six new countries become members: Azerbaijan, Dominican Republic, Lesotho, Romania, Senegal and Ukraine.
Dr. Muhammad Chatib Basri, Minister of Finance of Indonesia, congratulated all Forum members for progress to date: “At a time where most economies are extremely fragile, having so many jurisdictions working together and agreeing on very sensitive outcomes to improve international tax cooperation is key and extremely positive. I have no doubt that this is the kick-off to a new era in the global tax environment.”