Ten nations praised for tax transparency improvements

By added on 15/03/2016

Ten more countries have been assessed as having made improvements to their frameworks to exchange information with other countries to tackle tax evasion, reports Tax News.

The OECD has newly released the results of reviews of these countries' frameworks by countries party to its Global Forum on Transparency and Exchange of Information for Tax Purposes.

Two reports concerned phase one reviews, which assessed Croatia and Tunisia's legal and regulatory frameworks for transparency and the exchange of information on request. They were assessed to have the legal frameworks in place to enable them to move to phase two of the review process, which will assess how effectively they exchange information in practice.

Eight phase two reviews were concluded, for Botswana, El Salvador, Georgia, Kenya, Mauritania, Nigeria, Niue, and Saudi Arabia. Each were allocated with ratings of "largely compliant."

The Global Forum has now completed 225 peer reviews and assigned compliance ratings to 94 jurisdictions that have undergone phase two reviews. The first round of reviews for all member jurisdictions will be completed by the end of 2016, as required under a 2009 mandate that governs the peer review process.

Three new members have joined the Global Forum in 2016: Guyana, Chad, and Maldives.