OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has issued 12 new reports which assess jurisdictions’ legal and regulatory framework for information exchange and transparency. Due to these reviews, Saudi Arabia Columbia and Latvia meet the qualification standards of the next stage of the review process, while the peer review of the Federated States of Micronesia (FSM) determined that the jurisdiction doesn’t have in place a well structured legal framework for the effective exchange of information, and as such failed to qualify for a Phase Two review.
Malaysia and the Slovak were rated as “Largely Compliant” and Slovenia got a “Compliant” rating. Barbados got a “Partially Compliant” overall rating due to gaps in its networks of agreements to information exchange. Mauritius was identified as having implemented recommendations and maintained a collective “Largely Compliant” rating. The UAE and Botswana have been given rights to progress to the next stage of their respective reviews following their implementation of substantial changes.
To focus on the implementation of the new standard for automatic exchange of information (AEOI) – the Common Reporting Standard released by the OECD in February 2014. The Global Forum currently reviewing its Terms of Reference for assessing jurisdictions in advance of a new set of reviews commencing in 2016.
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