GIBRALTAR: OECD LATEST PEER REVIEW OF TAX INFORMATION EXCHANGE CARRIED OUT BY A TEAM FROM GLOBAL FORUM

On 1 September, the Government of Gibraltar issued a news release advising that Gibraltar had again achieved the second-highest OECD rating of ‘largely compliant’ in the latest Peer Review of tax information exchange carried out by a team of OECD Global Forum assessors.  However, glancing at the summary of ratings of each of the individual elements considered, whilst the overall marking does come out as “LC”, in 3 of the elements it actually received a lower rating – in effect was marked down.  These were in respect of –

  • Availability of ownership and identity information (from “Compliant” to “Partially Compliant”);
  • Availability of banking information (ditto); and
  • Access to information (from “Compliant” to “Largely Compliant”).

The report calls for improvements in respect of beneficial ownership information and reliable accounting information, and whilst it has a reasonably good record in fulfilling assistance requests, the staffing needs to be enhanced and timeliness needs to be improved.

https://www.gibraltar.gov.gi/press-releases/gibraltar-retains-oecd-rating-of-largely-compliant-on-a-par-with-the-united-states-germany-the-united-kingdom-and-spain-5892020-6167

The report is at –

https://www.oecd-ilibrary.org/taxation/global-forum-on-transparency-and-exchange-of-information-for-tax-purposes-gibraltar-2020-second-round_8b4242db-en

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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