NEWS
Singapore To Host Global Forum On Tax Information Exchange
Singapore’s Ministry of Finance has announced that Singapore will host the Global Forum on Transparency and Exchange of Information for Tax Purposes from September 30 to October 1, 2010.
The Global Forum was previously convened under the auspices of the Organization for Economic Cooperation and Development (OECD). It was restructured in September 2009 to become a self-standing body.
This has allowed for all jurisdictions that have endorsed the OECD’s internationally agreed standard for exchange of information, whether OECD members or not, to participate on an equal footing to promote effective implementation of the standard.
The Global Forum includes 91 members on an equal footing. It has a three-year mandate to peer review all the members and other jurisdictions which may require special attention. The peer reviews will encompass two phases: phase 1 will review the legal and regulatory frameworks, while phase will assess the practical implementation of the standard.
The 2010 meeting of the Global Forum will review the preliminary outcomes of the peer review process and the progress made over its first year. Singapore is Vice-Chair of the Global Forum’s Peer Review Group.
Mr Tharman Shanmugaratnam, Singapore's Minister for Finance, said: “Singapore is pleased to host the Global Forum at an important time – as it puts in place an objective peer review process aimed at monitoring the implementation of the internationally agreed standard for exchange of information. Singapore has been working actively with others to institute this process.”
Quelle: Tax-News.com
