In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on November 04, 2016
The Phase 2 review rates the Dominican Republic as overall Partially Compliant with the international standard. Whilst there are legal obligations for most entities to maintain ownership information, the report notes that compliance with ownership obligations was not sufficiently monitored by the authorities over the review period. There are also insufficient mechanisms in place to ensure that ownership information will be available in respect of bearer shares in all cases. Due to certain ambiguities with the procedure for accessing banking information, they were delays in accessing banking information over the review period in some cases and as exchange of information is still relatively new in the Dominican Republic there were certain organizational issues in practice. Nevertheless, it is noted that the Dominican Republic has taken steps to comply with the standard and in June 2016, it joined the multilateral Convention on mutual Administrative Assistance in Tax Matters expending its treaty network to over 100 treaty partners. For further information on the exchange of information practice of the Dominican Republic and to read the full report click here.