In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on October 30, 2015
The Phase 2 review rates Samoa as overall partially compliant with the international standard of transparency and exchange of information for tax purposes. Samoa has an exchange of information network with 17 jurisdictions, including major trading partners. Following its Phase 1 review, Samoa enacted significant improvements to its legal framework, including the abolition of bearer shares and new obligations for entities and arrangements to maintain accounting records in accordance with the standard. However, the review finds that the oversight and enforcement of the legal framework with respect to ownership and accounting information should be more rigorous. Samoa experienced some initial challenges in answering EOI requests in a timely manner due to a lack of internal processes. However, Samoa has since created an EOI unit with clear procedures and governance and the timeliness in answering more recent EOI requests has dramatically improved. Samoa welcomed the review and expressed its strong commitment to acting on the recommendations made in the report. For further information on the exchange of information practice of Samoa and to read the full report click here.