Source: Matthew Vella¸ Malta Today
As Published on Wednesday 31st July 2013
Tax practices in line with international standard of transparency and exchange of information
Malta’s practices are in line with international standards of transparency and exchange of information for tax purposes¸ the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes announced today in peer review reports assessing the tax systems of 13 jurisdictions for information exchange.
The Global Forum today said Malta’s legal framework ensured that ownership¸ accounting and bank information was available according to its international standard.
“The Maltese competent authority has direct access to databases from which most requested information can be retrieved¸ as well as broad access powers to collect further information requested for exchange of information purposes¸” the OECD forum said.
“Malta’s network of exchange of information mechanisms covers more than 90 jurisdictions¸ including all its relevant partners. Feedback from its exchange of information partners attests to the high quality responses provided by Malta in a timely manner¸ in particular since the introduction of internal administrative guidance to streamline the process and shorten response times.”
Later this year¸ most of these reviews will feed into the ratings assigned to 50 jurisdictions¸ backing G20 and Global Forum efforts to strengthen tax cooperation and stamp out cross-border tax evasion.
The new reports cover key players in a move toward greater tax cooperation. The 11 “Phase 2” reports review the exchange of information in practice in Austria¸ Bermuda¸ Brazil¸ British Virgin Islands¸ India¸ Luxembourg¸ Malta¸ Monaco¸ Qatar¸ San Marino and The Bahamas. The two “Phase 1” reports look at the legal and regulatory framework for transparency and exchange of information in Israel and Lithuania. All the reports assess the jurisdictions’ commitment to the international standard for tax information exchange.
To date¸ the Global Forum has reviewed 98 jurisdictions. The 50 jurisdictions to be assigned ratings in November will include a further nine Phase 2 reports expected to be adopted at that time. Each jurisdiction will receive ratings for the individual elements of the international standard and an overall rating – “compliant¸” “largely compliant¸” “partially compliant” or “non-compliant”.