News Share

The Tax Hub

Daily Tax Newsletter

OECD-Peru-Azerbaijan-Brunei-Burkina Faso-Dominica-Dominican Rep-Lesotho-Marshall Isl-Morocco-Panama-Romania-Bulgaria-Lebanon-Nauru-Vanuatu-Barbados-Israel

Responsive image

OECD Publishes Peer Review Reports on Transparency and Information Exchange for 17 Jurisdictions

During the 2 to 4 November meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, new peer review reports for 17 jurisdictions were published. In addition to the reports, a special fast-track review procedure was agreed to during the meeting that enables the Global Forum to recognize, by mid-2017, progress made and to assess changes being made in various jurisdictions. This procedure is meant to allow jurisdictions to avoid being listed as non-cooperative jurisdiction if they have not received a final rating or have received a non-compliant rating.  

The reports published and their results are as follows:

Phase 1 Report for:

  • Peru - moves on to Phase 2

Phase 2 Reports for:

  • Azerbaijan - found to be Largely Compliant
  • Brunei Darussalam - found to be Largely Compliant
  • Burkina Faso - found to be Largely Compliant:
  • Dominica - found to be Partially Compliant
  • Dominican Republic - found to be Partially Compliant
  • Lesotho - found to be Largely Compliant
  • Marshall Islands - found to be Non-Compliant
  • Morocco - found to be Largely Compliant
  • Panama - found to be Non-Compliant
  • Romania - found to be Largely Compliant

Combined Phase 1 and 2 Report for:

  • Bulgaria - found to be Largely Compliant

Supplementary Phase 1 Reports for:

  • Lebanon - moves on to Phase 2
  • Nauru - moves on to Phase 2
  • Vanuatu - moves on to Phase 2

Supplementary Phase 2 Reports for:

  • Barbados - found to be Largely Compliant
  • Israel - found to be Largely Compliant

The reports are produced as part of a two-phase review process for compliance with the international standard for information exchange. The Phase 1 report includes an evaluation of a jurisdiction's legal and regulatory framework for transparency and exchange of information, and provides recommendations for improvement. Jurisdictions deemed to have a sufficient framework in place move on to Phase 2, which includes an evaluation of the actual implementation of the standard for information exchange, with a compliance rating given along with recommendations for improvement. The compliance ratings include Non-Compliant, Partially Compliant, Largely Compliant, or Compliant.

Click the following links for the details of the 17 reports and an overview of the compliance ratings provided for the 12 jurisdictions that have completed Phase 1 and the 113 jurisdictions that have completed both Phase 1 and Phase 2.

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Compare Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More