The OECD’s global forum on transparency and exchange of information for tax purposes has published seven peer review reports assessing compliance with tax transparency standards. Bahrain and Singapore were rated ‘compliant’; The UK was ‘largely compliant’ together with Austria, Aruba, Brazil and Saint Kitts & Nevis.
These reports assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the Financial Action Task Force recommendations.
The report for the UK found that that it still needs to strengthen supervision and enforcement measures in relation to the register of beneficial ownership. The review also concluded that beneficial ownership and accounting information may not be available for all UK entities and arrangements. A further area of concern was the formal process to access information from third parties, which continued to delay effective exchange of information and occasionally created an undue burden to the UK’s partners.
Over the period of the review, from 1 April 2014 to 31 March 2017, the UK received more than 5,200 exchange of information requests and sent over 1,700 requests. See https://bit.ly/2AeOSso.
The OECD’s global forum on transparency and exchange of information for tax purposes has published seven peer review reports assessing compliance with tax transparency standards. Bahrain and Singapore were rated ‘compliant’; The UK was ‘largely compliant’ together with Austria, Aruba, Brazil and Saint Kitts & Nevis.
These reports assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the Financial Action Task Force recommendations.
The report for the UK found that that it still needs to strengthen supervision and enforcement measures in relation to the register of beneficial ownership. The review also concluded that beneficial ownership and accounting information may not be available for all UK entities and arrangements. A further area of concern was the formal process to access information from third parties, which continued to delay effective exchange of information and occasionally created an undue burden to the UK’s partners.
Over the period of the review, from 1 April 2014 to 31 March 2017, the UK received more than 5,200 exchange of information requests and sent over 1,700 requests. See https://bit.ly/2AeOSso.
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