Global Forum on Transparency and Exchange of Information for Tax Purposes

Peer Reviews

English
ISSN: 
2219-469X (online)
ISSN: 
2219-4681 (print)
http://dx.doi.org/10.1787/2219469x
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The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework for tax transparency and information sharing, within which over 140 jurisdictions participate on an equal footing.

The Global Forum monitors and peer reviews the implementation of international standard of exchange of information on request (EOIR) and automatic exchange of information. The EOIR provides for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. All Global Forum members have agreed to have their implementation of the EOIR standard be assessed by peer review. In addition, non-members that are relevant to the Global Forum’s work are also subject to review. The legal and regulatory framework of each jurisdiction is assessed as is the implementation of the EOIR framework in practice. The final result is a rating for each of the essential elements and an overall rating.

The first round of reviews was conducted from 2010 to 2016. The Global Forum has agreed that all members and relevant non-members should be subject to a second round of review starting in 2016, to ensure continued compliance with and implementation of the EOIR standard. Whereas the first round of reviews was generally conducted as separate reviews for Phase 1 (review of the legal framework) and Phase 2 (review of EOIR in practice), the EOIR reviews commencing in 2016 combine both Phase 1 and Phase 2 aspects into one review. Final review reports are published and reviewed jurisdictions are expected to follow up on any recommendations made. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.

For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, please visit www.oecd.org/tax/transparency.

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Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Australia 2013

Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Australia 2013

Combined: Phase 1 + Phase 2, incorporating Phase 2 ratings You do not have access to this content

English
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    http://oecd.metastore.ingenta.com/content/2313451e.pdf
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Author(s):
OECD
22 Nov 2013
Pages:
92
ISBN:
9789264205529 (PDF) ;9789264205512(print)
http://dx.doi.org/10.1787/9789264205529-en

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This report contains Phase 1 and Phase 2 Global Forum Peer Reviews for Australia, now incorporating Phase 2 ratings.

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing.

The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004. The standards have also been incorporated into the UN Model Tax Convention.

The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. Fishing expeditions are not authorised but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard.

All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Some Global Forum members are undergoing combined – Phase 1 and Phase 2 – reviews. The Global Forum has also put in place a process for supplementary reports to follow-up on recommendations, as well as for the ongoing monitoring of jurisdictions following the conclusion of a review. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.

All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports.

For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and for copies of the published review reports, please refer to www.oecd.org/tax/transparency and www.eoi-tax.org.

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Table of Contents

About the Global Forum 5
Executive Summary 7
Introduction 11
-Introduction and methodology used for the combined peer review of Australia 11
-Overview of Australia 12
-Recent developments 17
Compliance with the Standards 19
A. Availability of Information 19
-Overview 19
-A 1 Ownership and identity information 21
-A 2 Accounting records 37
-A 3 Banking information 42
B. Access to Information 45
-Overview 45
-B 1 Competent Authority’s ability to obtain and provide information 46
-B 2 Notification requirements and rights and safeguards 54
C. Exchanging Information 57
-Overview 57
-C 1 Exchange-of-information mechanisms 59
-C 2 Exchange-of-information mechanisms with all relevant partners 66
-C 3 Confidentiality 67
-C 4 Rights and safeguards of taxpayers and third parties 70
-C 5 Timeliness of responses to requests for information 72
Summary of Determinations and Factors Underlying Recommendations 79
Annex 1: Jurisdiction’s Response to the Review Report 83
Annex 2: List of Exchange-of-Information Mechanisms in Force 84
Annex 3: List of Laws, Regulations and Other Material Received 87
Annex 4: List of Authorities Interviewed 89
Annex 5: Cover Sheet for Information Communicated to Other ATO Officers 90

 
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