Seven Territories Receive Clean Bill Of Health On Tax Transparency
by Ulrika Lomas, Lowtax.net, Brussels
20 March, 2019
Hong Kong, Liechtenstein, Luxembourg, the Netherlands, North Macedonia, Spain, and the Turks and Caicos Islands have been rated "Largely Compliant" with international tax transparency standards following a peer review by members of the OECD Global Forum.
The OECD on March 18, 2019, published seven new peer review reports assessing the territories' efforts to comply with international tax transparency standards on the exchange of information on request, and also an updated standard that requires territories to ensure that other territories can access on request information on the beneficial ownership of legal entities and arrangements in their territories.
The OECD said that the Global Forum had found these jurisdictions have demonstrated their progress on the deficiencies identified in their first reviews, including improving access to information, developing broader EOI agreement networks, and the handling of increasing incoming EOI requests. These new reports also issue recommendations to the seven jurisdictions, in particular towards improving the measures related to the availability of information on the beneficial ownership of all relevant entities and arrangements.
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