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Global Forum releases tax transparency compliance ratings

The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has published ten outcomes of an enhanced peer review assessing compliance with international standards on the exchange of information between tax authorities.

The peer reviews assessed the legal and regulatory framework process as well as the practices and procedures for six years and were launched mid-2016 in 119 jurisdictions worldwide. The reviews focused on the access of tax authorities to beneficial ownership information of all legal entities and arrangements in line with the Financial Action Task Force international standard. 

Ireland, Mauritius and Norway received an overall compliant rating and Australia, Bermuda, Canada, Cayman Islands, Germany and Qatar were rated largely compliant and Jamaica was rated partially compliant. The Global Forum is launching a supplementary report on follow up measures to ensure higher compliance.

The implementation of the international standard for the automatic exchange of financial account information, under the Common Reporting Standard (CRS), will start in September 2017.

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