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Offshore Banking Transparency and Exchange of Information for Tax Purposes

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Global Forum on Transparency and Exchange of Information for Tax Purposes: How do countries rate The Global Forum, set up in 2000 to agree global tax standards, now has 119 member countries and jurisdictions. Since 2009, when the G20 called for effective implementation of the internationally agreed standard of information exchange, the Forum has published 100 peer review reports. Most countries have completed the first phase of the reviews which looks at legal frameworks. Fourteen are not moving to the second phase due to deficiencies in their legal frameworks. After it completes a set of Phase 2 reviews, looking at effectiveness of the information exchange practices, the Global Forum will start rating countries' implementation of the standards on the basis of a four-tier classification system: "compliant," "largely compliant," "partially compliant" and "non-compliant". The results of the ratings exercise for the first set of reviews will be completed by year end, with the allocation of overall ratings to approximately 50 tax jurisdictions. Source: http://tinyurl.com/bmwj97b
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Text Comments (3)
Tom Underwood (3 years ago)
What's your opinion? Do you think there is sufficient regulation, do you think there is too much regulation or do you think there could be more?
Tom Underwood (3 years ago)
I think it's unfair that American citizens have to pay American income tax regardless of where in the world they reside and who their employer is. I do however think that there should be banking transparency to stop fraudulent activity by corporations and individuals.
Invest Offshore (3 years ago)
+Tom Underwood There is good protection and transparency now, more often due to the KYC (know your customer) laws that are followed by the intermediaries and financial institutions but FATCA changed everything.

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