Three New Members For OECD's Global Forum
by Ulrika Lomas, Lowtax.net, Brussels
02 September, 2019
Guinea, Namibia, and Honduras have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 155th, 156th, and 157th members.
By joining the Global Forum they are announcing their commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information.
The Common Reporting Standard is the OECD's new tax transparency standard that provides for the automatic exchange of information between countries to support efforts to tackle fiscal crime. It replaced exchange of information on request.
Maria Jose Garde, Chair of the Global Forum, said "I am delighted and welcome that countries from all corners of the world are joining the fight against tax evasion by becoming Global Forum members. The continuing growth in our membership has greatly strengthened international efforts to improve tax transparency for the benefit of all. We will celebrate in November ten years of increasing co-operation between our 157 members and the tremendous progress made against tax evasion."
The Global Forum's aim is to ensure that all jurisdictions adhere to the same high standard of international co-operation in tax matters. This is done through a robust monitoring and peer review process, in which Guinea, Namibia, and Honduras will now participate.
During a phase 1 of the review, the territories' respective frameworks for the exchange of information on request will be rigorously peer reviewed. Phase 2 will then look into the implementation of this framework in practice.
The OECD said the Global Forum Secretariat will work with Guinea, Namibia, and Honduras to help them implement the standard of exchange of information on request and ensure they can participate in automatic exchange of information as soon as is practical.
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