EDGE Magazine | Q3 2011
The Global Forum was hosted by Bermuda , a small offshore financial jurisdiction and developing nation which was formerly grey-listed but now white-listed by the OECD. It is now seeking to shed its image as a tax haven by
signing tax information exchange
agreements and enhancing their own regulatory frameworks. In endorsing the internationally agreed standard in the year 2000, Bermuda affirmed its long- standing position that it does not adopt or promote measures that have been characterised as harmful, such as legislating bank secrecy or embedding in legislation similar measures that prevent disclosure of information. Very recently, the government of Bermuda tabled business legislation that will establish uniform guidelines for the record of financial information. Bermuda was among the first to participate in the first phase of the Tax Information Exchange Agreement Peer Review Programme and see its report reviewed and ratified by the Global Forum. However, the Bermuda Premier and Minister of Finance Paula Cox still seeks to consider the needs of developing nations and small jurisdictions while developing and implementing global and politically motivated standards of tax information exchange.
Like Bermuda, the Virgin Islands are currently undergoing the peer review process. Their legislative and Sabine Ebert
sabine_ebert@gmx.net
executive practices with respect to the exchange of tax information will be reviewed and included in a report to see whether the Virgin Islands meet the internationally accepted standards. The Virgin Islands Financial Secretary Neil Smith has agreed to adopt the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which has also been signed by the United Kingdom, of which the Virgin Islands are an overseas territory. The Virgin Islands are seen as already having a good regulatory framework for which only some reform is needed.
The Global Forum will prepare a report for the G-20, summarising the progress relating to peer reviews and implementation of the internationally agreed standards. The report will be submitted to the G-20 Finance Ministers and Leaders in late 2011 in France. The Global Forum will continue its work on the peer reviews and follow-up reports. It will also develop guidelines on co-ordinating and delivering technical assistance on transparency and exchange of tax information where such assistance is requested and appropriate. The Global Forum's initial three-year mandate will be renewed.
Main sources of this article: The British Virgin Islands Beacon, 2nd of June 2011 Institute for Research in Economic and Fiscal Issues, 4th of June 2011 Carribean Community Secretariat News Network, 1st of June 2011 International Tax Review, 3rd of June 2011 Zeebiz, 4th of June 2011
Background and further reading:
www.oecd.org/tax/transparency
13
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38