On 29-30 October 2015, over 250 delegates from 88 jurisdictions and 11 international organizations and regional groups came together in Bridgetown, Barbados, for the 8th meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum). This statement of outcomes has been provided by the OECD after the 8th meeting of the Global Forum and its country members. Listed are all the participants at the meeting. An update on the status of Automated Exchange of Information (AEOI) and the intended timeline is also listed. The status of the commitments is updated on the Global Forum website on a continuous basis.
Global Forum as key global body
This meeting was held on the eve of the commencement of a new five year mandate of the Global Forum in 2016-2020. Acknowledgement was made of the fact that the Global Forum is currently the key global body competent to assess jurisdictions as regards their cooperation. Members concluded that they will continue their resolve to take international tax cooperation to an even higher level in this new age of tax transparency.
On the agenda were a range of topics. From the subject of Automated Exchange of Information (AEOI) to Exchange of Information on Request (EOIR). How technical assistance will help developing countries benefit from improvements in tax transparency and exchange of information. But also an evaluation of the work done during the period 2012-2015. Finally, certain aspects of its structure and organization was discussed under “Governance and Budget”, in anticipation of a new mandate period of 2016-2020.
Focus in 2016
Next steps in 2016 will be the start of Round 2 of reviews for Exchange of Information on Request with the launch of the first set of reports, and the intensification of the monitoring and preliminary review work on implementation of the AEOI standard, so as to ensure jurisdictions that have committed to first exchanges in 2017 and 2018 are ready to do so. To ensure that all concerned Global Forum members will be ready for these developments, technical assistance work will also be stepped up, with a combination of pilot projects on AEOI and other jurisdiction specific and regional assistance being provided.
Read the report here