OECD releases outcome of
"Fast-Track review process" to assess transparency standards of
countries in the run-up to the G20 Summit scheduled on July 7-8; OECD
states that "The latest results of the Fast Track review show that
progress has now been made by most jurisdictions in meeting the
international tax transparency standards"; Only one jurisdiction,
Trinidad and Tobago, rated as “Non-Compliant” against the Exchange of
Information on Request (EOIR) standard, while six jurisdictions viz.
Anguilla, CuraƧao, Indonesia, Marshall Islands, Sint Maarten, and Turkey
have been rated as “Partially Compliant”; OECD Release says "In the
last 15 months, the significant changes made by jurisdictions towards
meeting the EOIR standard have led to upgrades in the overall ratings of
17 jurisdictions..."; Panama and the United Arab Emirates have
received upgraded rating of 'Largely Compliant'; OECD clarifies that the
outcome of the "fast-track review" is a provisional rating and
the jurisdictions which have received improved provisional ratings will
undergo a full peer review under the second round of reviews; India has
been rated as "compliant" while countries like Singapore,
Mauritius, Cyprus, Liechtenstein, Luxembourg have been rated as
"Largely Compliant" in the first round of Global Forum reviews;
NGO Tax Justice Network sharply criticises the OECD announcement as undermining
the progress that has been achieved over the last few years, terms it
" disheartening to see the OECD fall back into the old pattern of
creating ‘tax haven’ blacklists on the basis of criteria that are so weak as to
be near enough meaningless..."
Subscribe to:
Post Comments (Atom)
Can GST Under RCM Not Charged and Paid from FY 2017-18 to October 2024 be Settled in FY 2024-25?
In a recent and significant update to GST regulations, registered persons in India can now clear unpaid Reverse Charge Mechanism (RCM) liab...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
When India introduced the Goods and Services Tax (GST), it created a big change in the way companies handle their taxes. Earlier, business...
-
In this post, I will discuss Secretarial Standards related to Proxies under SS – 2. Right to Appoint: A Member entitled to attend and ...
-
What is a Digital Signature? Answer: A digital signature authenticates electronic documents in a similar manner a handwritten signatur...
-
Companies often give gifts to their employees to boost morale, celebrate achievements, and promote a positive work environment. Such gifts ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Section 150 of the Finance (No. 2) Act, 2024, specifies that taxpayers will not receive refunds for taxes paid or input tax credits (ITC) re...
-
This Tax Alert summarizes the recent advisory issued by Goods and Services Tax Network (GSTN) on hard-locking of auto populated values in...
No comments:
Post a Comment