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30 June 2017

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OECD Publishes Results of Fast-Track Review Process for Tax Transparency

The OECD has published an overview of the results of the Fast-Track review process to evaluate continuing efforts by some jurisdictions to meet transparency standards before the upcoming G20 Leaders summit that will be held 7 to 8 July 2017, during which a list of non-cooperative jurisdictions is to be presented.

Following the review process, the Global Forum on Transparency and Exchange of Information for Tax Purpose has given provisional ratings of:

  • Largely Compliant - Andorra, Antigua and Barbuda, Costa Rica, Dominica, the Dominican Republic, Guatemala, the Federated States of Micronesia, Lebanon, Nauru, Panama, Samoa, the United Arab Emirates and Vanuatu
  • Partially Compliant - Marshall Islands
  • Non-Compliant - Trinidad and Tobago (rating unchanged due to lack of any demonstrable progress)

Of the jurisdictions reviewed, Trinidad and Tobago will automatically be included in the list of non-cooperative jurisdictions based on its non-compliant rating. Micronesia will also likely be included given that, although it was found largely compliant, it does not meet either of the other two conditions for exclusion from the list: commitment to the automatic exchange of information standard; and participation in the mutual assistance convention or a sufficiently broad exchange network. The other jurisdictions reviewed should be excluded as they meet at least two out of the three conditions for exclusion.

Click the following link for the results overview.

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