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Global Forum on tax transparency pushes forward international co-operation against tax evasion

Tuesday, 03 November 2015   (0 Comments)
Posted by: Author: OECD
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Author: OECD

Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders.

Significant strides towards a major increase in tax transparency have been made since last year when over 90 members of the Global Forum on Transparency and Exchange of Information for Tax Purposes committed to automatically exchange information, beginning in 2017 or 2018. Panama and the Cook Islands are the latest financial centers to join these commitments bringing the total number to 96. With these commitments, all major financial centers are now part of the efforts to enhance international tax cooperation. The timely and effective implementation of these commitments was a key theme during the Oct 29-30 meeting of the Global Forum held in Bridgetown, Barbados which brought together delegates from the Global Forum’s 128 member jurisdictions, as well as representatives of international organisations.  

"The work of the Global Forum is key for Barbados and the Caribbean region,” said Donville Inniss, Barbados’ Minister of Industry, International Business, Commerce and Small Business Development, and Vice Chair of the Global Forum Steering Group. "Barbados was proud to host the 8th Global Forum meeting which is the kick-off to a new era of automatic exchange of information and tax compliance.”

With financial information set to begin to be collected from 1 January 2016 in around 50 jurisdictions, governments around the world are quickly changing their domestic laws to ensure financial institutions report information on financial assets held for non-residents.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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