Cross-border information sharing processes, whether automatic or on request, were high on the agenda at the recent Global Forum Competent Authorities Conference, which was hosted by the international Organisation for Economic Co-operation and Development (OECD) in Barbados earlier this month.
Between 6th and 7th May, representatives from Monaco’s Department of Finance and the Economy headed to the Caribbean island of Barbados for the OECD’s 11th Global Forum Competent Authorities Conference.
Some 200 delegates from around world attended the multi-faceted event, which is recognised as the leading international forum on the “implementation of the standards on transparency and exchange of information on request (EOIR) and automatic exchange of financial account information (AEOI), as well as other essential aspects of international tax co-operation, such as cross-border assistance in tax collection or confidentiality requirements in the exchange of information”.
Essentially, the forum’s mandate is to ensure that jurisdictions around the world adhere to and effectively implement the free flow exchange of information. These objectives are achieved through a robust monitoring and peer review process.
The Global Forum also runs an extensive capacity-building programme to support its members in implementing these standards and help tax authorities make the best use of cross-border information sharing channels.
“We are very grateful to Barbados and its Revenue Authority for hosting this year’s conference,” said Zayda Manatta, the head of the Global Forum Secretariat. “We will continue to work with all Competent Authorities to further advance the full and effective implementation of the EOI standards, so that all 171 Global Forum member jurisdictions and their citizens ultimately benefit from our collective efforts for fairer tax systems.”
Among the topics covered at the event were the latest developments within the OECD’s new Cryptoasset Reporting Standard, the revised Common Reporting Standard and amendments to the exchange of information standards stemming from new clarifications to Article 26 of the model tax convention.
Article 26 states that the authorities of the Contracting States must exchange such information as is foreseeably relevant for carrying out the provisions concerning taxes of any kind.
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Photo source: Monaco Communications Department