Will the exchange of tax information be set?

Global Tax Forum, held in October under the auspices of OECD that united more than 100 states has given the first part of promised reports that evaluated the regulatory systems that allows this or that jurisdiction to exchange tax information. The first objects have become Jamaica, Bermudas, Botswana, Panama and a number of other jurisdictions (8 jurisdictions in all), whose legislation was thoroughly examined and they were given recommendations on how to make it better. Two years are given for performing of the reforms and already in year 2012 the experts will estimate not only correspondence of legislation to international standards, but also the practice of its implementation. OECD has confirmed the information that the Philippines are not already in the list of the jurisdictions that don’t cooperate in the sphere of tax information exchange. In the grey list now there are only 11 jurisdictions among which are: Panama, Uruguay, Liberia and some islands of Pacific.