Share with your friends

OECD: Update on international tax transparency

OECD: Update on international tax transparency

The Organisation for Economic Cooperation and Development (OECD) today reported at a global forum on tax transparency, that both developing and developed countries continue to face challenges as work progresses to address global tax transparency, banking secrecy, and tax evasion. Part of the international efforts on tax transparency include actions under the base erosion and profit shifting (BEPS) project.


Related content

As noted in today’s OECD release, some jurisdictions have not made sufficient progress toward a satisfactory level of implementation of the agreed international standards. The OECD has prepared a list of non-cooperative jurisdictions for a meeting of the leaders of the G20 countries scheduled for July 2017. To avoid being included on the list, jurisdictions need to meet at least two of the three benchmarks to avoid inclusion:

  • At least a “largely compliant” rating with respect to the exchange of information on request (EOIR) standard
  • A commitment to implement the Automatic Exchange of Information (AEOI) standard, with first exchanges in 2018 (with respect to the year 2017) at the latest
  • Participation in the Multilateral Convention on Mutual Administrative Assistance on Tax Matters or a sufficiently broad exchange network permitting both EOIR and AEOI

The OECD announced that 15 jurisdictions that previously had a less-than-satisfactory rating on their peer reviews against the EOIR standard, were evaluated to assess whether recent progress would upgrade their rating if they were to be reviewed again. Following the evaluation, the Global Forum assigned the following provisional ratings: 

  • 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 (being the only jurisdiction that has not yet made sufficient progress towards satisfactory implementation of the tax transparency standards) 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today