On August 21, 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes published a report with the results of the peer review of the second phase for compliance with international standards for the exchange of tax information for 10 jurisdictions.
The key points under which the assessment was conducted are:
- Availability of information on beneficial ownership of all legal entities;
- Access to tax authorities to beneficial ownership information of all legal entities;
- Exchange of information in accordance with international standards.
Thus, as a result of assessment of 10 jurisdictions, the following rating was formed:
1. "Compliant" with international tax information exchange standards - Ireland, Mauritius and Norway;
2. "Largely Compliant" - Australia, Bermuda, Germany, Canada, Cayman Islands and Qatar;
3. "Partially Compliant" - Jamaica.
The Global Forum members monitor the steps of implementation of international standards for the automatic exchange of financial account information, under the Common Reporting Standard (CRS), which will start in September 2017. This process is necessary to ensure an effective and timely fulfillment of commitments undertaken by countries which participate in the automatic exchange of information and to identify areas where support is needed.
