There were tears and a sense of hopelessness in Tobago yesterday, as members of the business community confirmed that the banks and suppliers are now demanding payment and threatening to put their...
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3 in region “partially compliant” on tax transparency
The Paris-based Organization for Economic Cooperation and Development (OECD) has rated St. Lucia, Antigua and Barbuda, and Anguilla as “partially compliant” with international standards on tax transparency. But it noted that the British Overseas Territory of Montserrat and St. Kitts-Nevis were “largely compliant”.
In reviewing the exchange of information practices through Phase 2 peer review reports in 10 jurisdictions, the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes said it allocated ratings for compliance with the individual elements of the international standard, as well as an overall rating. It said five jurisdictions —Andora, Anguilla, Antigua, Indonesia and St. Lucia - received an overall rating of “partially compliant”.
The Global Forum also said that four others - Chile, the former Yugoslav Republic of Macedonia, Montserrat and St. Kitts-Nevis - received an overall rating of “largely compliant”, while Mexico was rated as “compliant” with Global Forum standards. While there are legal obligations for most entities to maintain ownership information, the report notes that compliance with ownership obligations was “not sufficiently monitored” by the St. Lucian authorities over the review period.
With the release of the latest batch of reviews, the OECD said the Global Forum has now completed 143 peer reviews and assigned compliance ratings to 64 jurisdictions that have undergone Phase 2 reviews. Additional peer reviews will be completed by the next plenary meeting of the Global Forum, in Germany in late October.