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Singapore receives top tax transparency compliance rating by OECD, UK deemed largely compliant

16/10/2018 News Team

Bahrain and Singapore have been rated as ‘compliant’ by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, while the United Kingdom, Austria, Aruba, Brazil and Saint Kitts and Nevis were rated ‘largely compliant’.

The OECD has published seven peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR), which assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations.

All the jurisdictions have demonstrated their progress on many deficiencies identified in the first round of reviews including improving access to information, developing broader EOI agreement networks; and monitoring the handling of increasing incoming EOI requests as well as taking measures to implement the strengthened standard on the availability of beneficial ownership, according to the Global Forum.

Additionally, Oman became a member of the Global Forum, taking its membership to 154.

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