OECD Forum Discusses Tax Transparency

September 8, 2009 International Tax CooperationOffshore BankingTax Havens  No comments

During the OECD Global Forum on Transparency and Exchange of Information further steps were taken to combat tax evasion, and completed steps were hailed as a stunning success.

The OECD Forum on Transparency and Exchange of Information, which took place in Mexico City on the 1st and 2nd of September, was aimed at discussing global progress regarding the implementation of international standards of transparency and exchange of tax information as set forward by the OECD created Model Tax Information Exchange Agreement (TIEA) and Article 26 of the OECD and UN Model Tax Convention.

The meeting paid praise to the actions and progresses made by jurisdictions worldwide in the area of combating tax evasion. With these sentiments in mind, Angel Gurría, OECD Secretary-General, stated at the Forum “what we are witnessing is nothing short of a revolution. By addressing the challenges posed by the dark side of the tax world, the campaign for global tax transparency is in full flow. We have equipped ourselves with the institutional means to continue the campaign. With the crisis, global public opinion’s expectations are high, their tolerance of non-compliance is zero and we must deliver”.

In an effort to maintain the momentum already built up in the area of decreasing tax evasion, the Forum made numerous decisions for future actions. Standards will be put in place to assist small jurisdictions in setting up future agreements. In an effort to increase efficiency, efforts will be made to decrease agreement creation time through regional multilateral agreements. The OECD will also develop a Peer Review Group for the purposes of the in-depth monitoring and the peer review of the implementation of the TIEA agreements.

The Forum comprised of 178 delegates from 8 international organizations and 68 jurisdictions.

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