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 last month in Jakarta, Indonesia, to implement a global call for greater international co-operation against tax evasion and to boost the comprehensive exchange of information between governments worldwide.
It is worth noting the following important actions decided at the meeting:
- Publication of new compliance ratings for 50 countries and jurisdictions on practical implementation of the Global Forum’s information exchange standard (see full compliance ratings).
- Establishment of a new Automatic Exchange of Information (AEOI) Group, opens to all interested countries and jurisdictions, to prepare the move towards AEOI implementation. Italy was elected chair of this group.
- Agreement for further work aimed at strengthening the definition of beneficial ownership and the availability of this type of information.
Agreement that the Forum continues 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. The meeting in Jakarta attracted more than 200 delegates from 86 member jurisdictions and 11 international organisations.
Dr. Muhammad Chatib Basri, Minister of Finance of Indonesia, congratulated all Forum members for their achievements 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.”