Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Curaçao 2015 [electronic resource]: Phase 2: Implementation of the Standard in Practice /
Organisation for Economic Co-operation and Development.
Organisation for Economic Co-operation and Development,issuing body.
Global Forum on Transparency and Exchange of Information for Tax Purposes,issuing body.
Paris : OECD Publishing,
2015.
This report contains the 2014 “Phase 2: Implementation of the Standards in Practice” Global Forum review of Curaçao. 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 Curaçao 11 -Overview of Curaçao 12 -Recent developments 17 Compliance with the Standards 19 A. Availability of Information 19 -Overview 19 -A.1. Ownership and identity information 22 -A.2. Accounting records 75 -A.3. Banking information 82 B. Access to Information 87 -Overview 87 -B.1. Competent authority’s ability to obtain and provide information 89 -B.2. Notification requirements and rights and safeguards 100 C. Exchanging Information 105 -Overview 105 -C.1. Exchange of information mechanisms 107 -C.2. Exchange of information mechanisms with all relevant partners&nbsp;117 -C.3. Confidentiality 119 -C.4. Rights and safeguards of taxpayers and third parties 122 -C.5. Timeliness of responses to requests for information&nbsp;123 Summary of Determinations and Factors Underlying Recommendations 131 Annex 1: Jurisdiction’s response to the review report 137 Annex 2: List of all exchange of information mechanisms in effect&nbsp;139 Annex 3: List of all laws, regulations and other material received 144 Annex 4: List of representatives interviewed during on-site visit 146
This report contains the 2014 “Phase 2: Implementation of the Standards in Practice” Global Forum review of Curaçao. 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
Transparency in government
Global forum on transparency and exchange of information for tax purposes peer reviews. Phase 2, Implementation of the standard in practice, March 2015 (reflecting the legal and regulatory framework as at December 2014)