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Tax transparency in Latin America

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The OECD has published a new report Tax Transparency in Latin America 2021 which outlines a Latin American initiative to tackle tax evasion, corruption and other financial crimes through transparency and exchange of information (EOI) for tax purposes.

The report analyses the magnitude of offshore tax evasion in relation to tax collection and explores the role of tax transparency and international tax co-operation in helping governments fight tax evasion and other illicit financial flows.

Sixteen Latin American countries are covered and the OECD considers that engagement is steadily increasing in the region through the joint efforts of the Global Forum and its partners to increase political buy-in for the transparency agenda and develop capacities within tax administrations.

The OECD highlights that:

  • 13 Latin American countries have signed and ratified the Convention on Mutual Administrative Assistance in Tax Matters to tackle tax evasion and avoidance;
  • six out of eight jurisdictions reviewed up until 2020 under the second round of peer reviews of EOI on request were rated largely compliant, showing that Latin American countries are making important strides in their implementation of the standard; and
  • nine countries already participate in the automatic exchange of financial account information.
Issue: 1540
Categories: News