Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: El Salvador 2015 [electronic resource]: Phase 1: Legal and Regulatory Framework /
Organisation for Economic Co-operation and Development.
Global Forum on Transparency and Exchange of Information for Tax Purposes,sponsoring body.
Organisation for Economic Co-operation and Development,issuing body.
Paris : OECD Publishing,
2015.
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 over 120 jurisdictions which participate in the work of the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the 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, which has been incorporated in 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 plus Phase 2 - reviews. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.
About the Global Forum 5 Executive Summary 7 Introduction 11 -Information and methodology used for the peer review of El Salvador 11 -Overview of El Salvador 12 -Recent developments 16 Compliance with the Standards 17 A. Availability of Information 17 -Overview 17 -A.1.  Ownership and identity information 18 -A.2. Accounting records 33 -A.3. Banking information 37 B. Access to Information 41 -Overview 41 -B.1. Competent Authority's ability to obtain and provide information 42 -B.2. Notification requirements and rights and safeguards 48 C. Exchanging Information 49 -Overview 49 -C.1. Exchange-of-information mechanisms 50 -C.2. Exchange-of-information mechanisms with all relevant partners 55 -C.3. Confidentiality 56 -C.4. Rights and safeguards of taxpayers and third parties 58 -C.5. Timeliness of responses to requests for information 61 Summary of Determinations and Factors Underlying Recommendations 63 Annex 1: Jurisdiction's Response to the Review Report 65 Annex 2: List of all exchange-of-information mechanisms 67 Annex 3: List of all laws, regulations and other material received 68
"March 2015 (reflecting the legal and regulatory framework as at December 2014)."
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 over 120 jurisdictions which participate in the work of the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the 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, which has been incorporated in 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 plus Phase 2 - reviews. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.
Taxation
Taxation
Global forum on transparency and exchange of information for tax purposes peer reviews. Phase 1, Legal and regulatory framework.