Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Turks and Caicos Islands 2011
Subtitle: Phase 1: Legal and Regulatory Framework
By: Organisation for Economic Co-operation and Development
Series: Global Forum on Transparency and Exchange of Information for Tax Purposes
Publisher: OECD Publishing
Published: 2011
Place of publication: Paris
Language: eng
Format: [electronic resource]:
Number of pages: 68
ISBN-13: 9789264118119
Subjects: Taxation
Description: 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 90 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.

All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports. For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and for copies of the published review reports, please visit www.oecd.org/tax/transparency
Table of contents: title: About the Global Forum; title: Executive summary; title: Introduction; title: -Information and methodology used for the peer review of the Turks and Caicos Islands; title: Overview of the Turks and Caicos Islands; title: Recent developments; title: Compliance with the Standards; title: A. Availability of information; title: -Overview; title: A.1. Ownership and identity information; title: A.2. Accounting records; title: A.3. Banking information; title: B. Access to Information; title: -Overview; title: B.1. Competent authority’s ability to obtain and provide information; title: B.2. Notification requirements and rights and safeguards; title: C. Exchanging Information; title: -Overview; title: C.1. Exchange of information mechanisms; title: C.2. Exchange of information mechanisms with all relevant partners; title: C.3. Confidentiality; title: C.4. Rights and safeguards of taxpayers and third parties; title: C.5. Timeliness of responses to requests for information; title: Summary of Determinations and Factors Underlying Recommendations; title: Annex 1: Jurisdiction’s Response to the Review Report; title: Annex 2: List of all Exchange-of-Information Mechanisms in Force; title: Annex 3: List of all Laws, Regulations and Other Relevant Material