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Tax-News.com – The Organisation for Economic Cooperation and Development (OECD) says that Saint Lucia is “largely compliant” with international standards on transparency and the exchange of information in tax matters.
The finding is contained in a report published by the OECD Global Forum on Transparency and Exchange of Information. The Global Forum is the multilateral framework within which over 130 jurisdictions assess each other’s compliance with international standards.
The report followed up on the Global Forum’s review of Saint Lucia’s legal and regulatory framework for the exchange of information, under Phase 1 of the peer review process, and how the territory exchanges tax information in practice, under Phase 2.
With the release of the latest batch of reviews, the Global Forum has now completed 235 peer reviews and assigned compliance ratings to 101 jurisdictions that have undergone Phase 2 Reviews.
Twenty-two jurisdictions are rated “Compliant,” 67 are rated “Largely Compliant,” and 12 are rated “Partially Compliant”. There are still 7 jurisdictions which remain blocked from moving to a Phase 2 review, due to insufficiencies in the legal and regulatory framework. The supplementary reviews of five of these jurisdictions are currently under way.
Global Forum members are also working together to monitor and review the implementation of the international standard for the automatic exchange of tax information for which exchanges are to start in 2017.
The monitoring and review process is intended to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed.
It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.
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